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Credit union trade groups said that while they support the delay in the effective date of the Current Expected Credit Loss (CECL) standard, they continue to believe that their institutions should not be subject to the new standard at all.
“CECL is intended to address delayed recognition of credit losses resulting in insufficient funding of the allowance accounts of certain covered entities,” Luke Martone, CUNA’s senior director of advocacy and counsel said, in a letter to the Financial Accounting Standards Board (FASB). “However, underfunding of allowance accounts has not generally been an issue for credit unions.”
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