The $29B State Employees’ Credit Union has seven times the necessary funds to cover annual loan losses.
The Financial Accounting Standards Board is getting an earful from credit unions and trade associations. Even NCUA Chairman Debbie Matz, like others, is concerned about the accounting board’s exposure draft that would require financial institutions to base loan-loss allocations on expected losses, rather than incurred losses. In addition to requiring...
NCUA chair urges standards-setting panel to consider unintended consequences of new ALLL rule.
More deliberation to come, standards board promises, in proposed changes to loan losses accounting standards.
Deadline is Friday and 62 of 153 comment letters posted so far are from credit unions concerned about proposed ALLL changes.
PHOENIX — Estimating an appropriate allowance for loan and lease losses an NCUA examiner will accept and trying to anticipate FASB rules is a “never ending cat and mouse game where you’re always trying to chase the right answer,” CPA Bart Ferrin said during a breakout session on the topic...
PHOENIX — Credit union accountant at CUNA CFO Council confab discusses the challenges in preparing for loan, lease allowances.
This Opinion piece looks at determining the proper amount to set aside for Allowances for Loan and Leases Losses.
The estimation of the allowance for loan and lease Losses has been a part of the financial institution’s accounting processes for years, but it has taken on increased importance over the last several years.