The Basel Committee on Banking Supervision is in the process of issuing new guidance regarding credit losses that could negatively impact U.S. credit unions, according to the World Council of Credit Unions.
The Madison, Wis.-based international trade group is pressing for clarification and adjustment in several areas so that the Basel Committee's guidance, when issued, doesn't trigger similar rules proposed by the Financial Accounting Standards Board (FASB) that could change the way U.S. financial institutions account for credit losses, according to World Council Vice President and General Counsel Michael Edwards.
Edwards' April 30 letter commenting on the Basel Committee's February consultative document, "Guidance on accounting for expected credit losses,"praises the document's recognition of proportionality when administering the guidance among financial institutions of various sizes and complexity.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
