NCUA Agenda: SIF, Corporates, Credit Losses, and Mortgage Rates

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The National Credit Union Administration (NCUA) Board will meet next week on Feb. 20 at 7 a.m. (Pacific).

The NCUA Board’s agenda includes:

1) Board Briefing, Share Insurance Fund Quarterly Report.

2) Proposed Rule, Part 704, Corporate Credit Unions.

3) Final Interagency Policy Statement, Allowances for Credit Losses.

4) Board Briefing, Credit Union Mortgage Rates.

The NCUA — in conjunction with the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corp. (FDIC) — are expected to issue a final Interagency Policy Statement on Allowances for Credit Losses (ACLs). The Interagency Policy Statement is in response to changes to U.S. generally accepted accounting principles (GAAP) as promulgated by the Financial Accounting Standards Board’s (FASB’s) current expected credit losses (CECL) Accounting Standards Update.

The Interagency Policy Statement is expected to describe the measurement of expected credit losses under the CECL methodology and the accounting for impairment on available-for-sale (AFS) debt securities; supervisory expectations for designing, documenting, and validating expected credit loss estimation processes, including the internal controls over these processes; maintaining appropriate ACLs; the responsibilities of boards of directors and management; and examiner reviews of ACLs.

The NCUA’s chief economist will also provide a briefing on credit union mortgage rates.

The California and Nevada Credit Union Leagues will monitor the board meeting and provide an update soon after. NCUA Board meetings are broadcast via livestream video and can be accessed from NCUA’s homepage at www.ncua.gov. Open board meetings are also tweeted live; follow @TheNCUA on Twitter.

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