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About
About
Created by the U.S. Congress in 1970, the National Credit Union Administration is an independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and charters and regulates federal credit unions.
Regulation & Supervision
Regulation & Supervision
The NCUA protects the safety and soundness of the credit union system by identifying, monitoring and reducing risks to the National Credit Union Share Insurance Fund. Backed by the full faith and credit of the United States, the Share Insurance Fund provides up to $250,000 of federal share insurance to millions of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.
Analysis
Analysis
The NCUA’s economists and analysts compile data on the credit union system’s financial performance, merger activity, changes in credit union chartering and fields of membership, as well as broader economic trends affecting credit unions. Users can find information on a single credit union or analyze broader nation-wide trends.
Support Services
Support Services
The NCUA provides a number of support services to the credit union system, such as providing training, grants and loans, chartering, and field-of-membership services; maintaining the health and stability of Share Insurance Fund; managing the assets of failed credit unions; and providing emergency liquidity.
Consumers
Consumers
The NCUA works to protect credit union members and consumers, raise awareness of potential frauds, facilitate access to affordable financial services, and educate consumers on the importance of savings and how they can improve their financial well-being.
News
News
Stay up to date on the NCUA's activities by subscribing to the NCUA's Express messages. Read press releases, speeches, testimony, and Annual Reports. Register for upcoming conferences and events.
Cybersecurity Resources
Cybersecurity Resources
Cyberattacks and cybersecurity vulnerabilities pose significant risks to the financial system. Because of vulnerabilities within the credit union industry and the broader financial system to potential cyberattacks, cybersecurity is one of the NCUA’s top supervisory priorities and a top-tier risk under the agency’s enterprise risk-management program.

Current Expected Credit Losses (CECL) Effective Date for Credit Unions

22-01 / March 2022

Current Expected Credit Losses (CECL) Effective Date for Credit Unions

Subject

Accounting

Status

Active

At its February 2, 2022 Board meeting, the Financial Accounting Standards Board (FASB) discussed agenda requests to defer the effective date of Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326), commonly known as current expected credit losses (CECL) for nonpublic entities.

The FASB decided not to defer the effective date of CECL for nonpublic entities.

The Federal Credit Union Act (12 U.S.C. § 1760) requires all federal credit unions to have a fiscal year ending on December 31. Therefore, CECL will become effective for federal credit unions on January 1, 2023.

Federally Insured State Chartered Credit Unions (FISCUs) may have a non-calendar fiscal year. For those FISCUs, CECL will become effective on the first day after their fiscal year in 2023. For example, a FISCU with a fiscal year ending on September 30, 2023 will implement CECL on October 1, 2023.

For additional information on CECL, please visit our CECL Resources Page.

Contact EIMail@ncua.gov with questions not answered in the CECL Resources.

Sent March 9, 2022, via GovDelivery

Last modified on

11/14/24