Saying that the current rules governing how financial institutions must calculate the value of assets are a "major contributing factor to the nation's financial crisis," CUNA President/CEO Dan Mica asked President Obama to set up a panel to study the issue and make recommendations.
In a Feb. 26 letter, Mica said existing account standards distort the value of holdings by credit unions and don't enhance the accuracy of financial information.
He suggested creating a task force made up of representatives of the accounting profession, government policy makers and representatives of credit unions and others in the financial sector to make recommendations before the Federal Accounting Standards Board begins its review of the subject in June.
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