In light of the current economic crisis, both CUNA and NAFCU today urged lawmakers to consider changing how financial institutions do some of their accounting.
Both organizations submitted letters to the House Subcommittee on Financial Markets, which is holding a hearing on the subject.
CUNA said that the "Mark-to-Market" accounting standard while "originally intended to enhance accuracy of publicly-disclosed financial information, is having the opposite effect in the present environment when applied to certain instruments."
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