A final rule released in May by the NCUA, which applied GAAPstandards to the reporting of delinquent restructured residentialmortgage loans, has had a dramatic effect on the financialpeformance reports of some credit unions.
That rule included a provision that released credit unions fromreporting troubled debt restructured loans as delinquent until theborrower had made six months' worth of consecutive, on-timepayments.
The rule brought the NCUA up to speed with other financialregulators like the FDIC and Federal Reserve, which had beenfollowing GAAP standards that only required TDRs be reported asdelinquent consistent with other loans.
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