AGENCIES PUBLISH ADDITIONAL CECL FAQS

The OCC, FRB, FDIC, and NCUA have published additional frequently asked questions (FAQs) to assist financial institutions and examiners with the new accounting standard, Accounting Standards Update (ASU) 2016-13, Topic 326, “Financial Instruments–Credit Losses” (ASU 2016-13), issued by the Financial Accounting Standards Board (FASB) on June 16, 2016. There are nine additional questions, updated responses to four existing questions, and a new appendix with links to relevant resources that are available to banks to assist with implementation of the current expected credit losses methodology (CECL).

For additional information:

  • An article entitled Agencies Delay CECL Effective Date is available here.
  • A copy of the 43-page updated CECL FAQ document is available here.

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