The Financial Accounting Standards Board (FASB) agreed to delay the implementation date for the current expected credit loss (CECL) standard for credit unions until January of 2023. In addition to the delay, the proposal replaces its current three buckets of groups with two, SEC filers and all others which includes credit unions. The proposal will have a 30-day comment period starting the day that the proposal is officially released. “This is welcomed news for credit unions but CECL is what we hear most concern about from member credit unions” said Scott Sullivan, President/CEO of the Nebraska Credit Union League. “CECL is a huge regulatory burden that will undoubtedly have a negative impact on lending to low-income individuals and the financially vulnerable” Sullivan said. FASB announced that they are planning training sessions across the country to discuss issues and to help small financial institutions with compliance.
Mission Statement
The mission of the Nebraska Credit Union League & Affiliates is to protect, promote and perpetuate the credit union movement in Nebraska.
Calendar
What’s Inside
- Community Development Revolving Loan Fund Grant Round Opened May 2
- Credit Union Foundation of Nebraska Awards HS Scholarships for 2022
- White paper: CUs deliver big benefits, promote financial well-being better than banks
- UNL’s Dr. Jennifer Davidson Tells Her Story on CU Advancing Communities Website
- Primary Election Results
- Credit Union Leader William O. “Bill” Noll Passes
- Nebraskans Go to the Polls in Primary Election
- Leagues, CUNA Write Banking Committees in Advance of Hearings with CFPB’s Chopra
- Origence delivers record number of loans in Q1 2022
- Cobalt Credit Union Opens New Location in Lincoln
- CUNA Mutual Group to unify under one brand in 2023
- CDFI Certification Turns Financial Inclusion Values into Action
- CD 1 Candidate Flood Meets with CU’s
- 107th Nebraska Legislature Adjourns Sine Die
- Three Reasons CUNA Mutual Joined the FinHealth Fund (and why your CU should, too)
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