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CECL FAQs for Credit Unions

NCUA issued a joint FAQ document with federal banking agencies explaining the new CECL (Current Expected Credit Losses) accounting standard (ASU 2016-13, Topic 326). The standard has a December 31, 2021 effective date for most credit unions. NCUA will not begin evaluating implementation efforts until after 2018, and is training examiners on CECL's capital impact.