A final rule released in May by the NCUA, which applied GAAP standards to the reporting of delinquent restructured residential mortgage loans, has had a dramatic effect on the financial peformance reports of some credit unions.
That rule included a provision that released credit unions from reporting troubled debt restructured loans as delinquent until the borrower had made six months' worth of consecutive, on-time payments.
The rule brought the NCUA up to speed with other financial regulators like the FDIC and Federal Reserve, which had been following GAAP standards that only required TDRs be reported as delinquent consistent with other loans.
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