NCUA Proposes FASB Guidance for Working with Borrowers Affected by the COVID-19 Pandemic and CECL Exemption

In an April 30 letter, National Credit Union Administration (NCUA) Chairman Rodney E. Hood urged the Financial Accounting Standards Board to both exempt credit unions from CECL implementation due to it’s chilling effect on lending and described various strategies that credit unions can employ to work with borrowers who are experiencing financial hardship because of the COVID-19 pandemic.

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