League supports limited CECL application for credit unions
Published by: Emily Leite
October 28, 2020 | Government Affairs, Regulatory
As federal financial regulators ease back into the rulemaking process, the League continues to scan the regulatory horizon for opportunities to promote and protect Ohio credit union interests. That’s why we advocated for additional regulatory relief in a recent NCUA proposed rule on the transition to CECL methodology, urging exemption for federally-insured credit unions with less than $10 million in assets and easing the net worth classification under the prompt corrective action regulations, among other items. In addition to supporting the phase-in process for CECL’s applicability to credit unions, the League also stressed the general need to reconsider CECL’s application to the unique cooperative structure.
Read the League’s comment letter here, and contact League Regulatory Counsel Chris Noble for questions or concerns about the NCUA’s transition to the CECL methodology proposal.
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