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New accounting standards proposed by the Financial Accounting Standards Board include a requirement to value whole loans using fair value requirements, like those currently used by corporates to value distressed mortgage-backed securities.

However, Scott Waite, chief financial officer of Patelco Credit Union who also occupies a FASB committee seat, said no decision is expected “anytime soon” on the issue. Furthermore, he said, even if the proposed standards are adopted, the NCUA already has the authority to allow credit unions to report whole loans using amortized cost.

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