A webinar on the new current expected credit loss (CECL) accounting standard that will cover “significant differences” credit unions and other financial institutions should expect once the standard takes full effect is set for April 11 by the federal credit union regulator, the federal banking regulators and others.
The National Credit Union Administration (NCUA) said Monday that the webinar (which starts at 2 p.m.) will focus on how changes in accounting procedures due to the CECL standard (adopted by the Financial Accounting Standards Board, or FASB) will affect smaller institutions. The accounting standard takes full effect in 2022.
The webinar will also include, NCUA said, a detailed discussion of the weighted average remaining maturity method for estimating the allowance for credit losses. A question-and-answer period will also be included.
In a separate release (on April 2), the banking agencies said the webinar will additionally highlight the application of the Weighted-Average Remaining Maturity (WARM) method for estimating allowances for credit losses, in accordance with the new accounting standard.
Hosted by the Federal Reserve Bank of St. Louis, the webinar will be presented by staff from NCUA; the federal banking regulators – the Federal Reserve, the Federal Deposit Insurance Corp. (FDIC), and the Office of the Comptroller of the Currency (OCC); the Securities and Exchange Commission; state banking regulators (through the Conference of State Bank Supervisors); and FASB.