The Basel Committee on Banking Supervision is in the process of issuing new guidance regarding credit losses that could negatively impact U.S. credit unions, according to the World Council of Credit Unions.
The Madison, Wis.-based international trade group is pressing for clarification and adjustment in several areas so that the Basel Committee's guidance, when issued, doesn't trigger similar rules proposed by the Financial Accounting Standards Board (FASB) that could change the way U.S. financial institutions account for credit losses, according to World Council Vice President and General Counsel Michael Edwards.
Edwards' April 30 letter commenting on the Basel Committee's February consultative document, "Guidance on accounting for expected credit losses,"praises the document's recognition of proportionality when administering the guidance among financial institutions of various sizes and complexity.
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