INTERAGENCY POLICY STATEMENT ON ALLOWANCES FOR CREDIT LOSSES

5 organizations filed 5 public comments on INTERAGENCY POLICY STATEMENT ON ALLOWANCES FOR CREDIT LOSSES, at the Office of the Comptroller of the Currency. The comment window closed 2416d ago.

Abstract

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (collectively, the banking agencies), and the National Credit Union Administration (collectively, the agencies) are inviting public comment on a proposed interagency policy statement on allowances for credit losses (ACLs). The agencies are issuing this proposed interagency policy statement in response to changes to U.S. generally accepted accounting principles (GAAP) as promulgated by the Financial Accounting Standards Board (FASB) in Accounting Standards Update (ASU) 2016–13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments issued since June 2016. These updates are codified in Accounting Standards Codification (ASC) Topic 326, Financial Instruments—Credit Losses (FASB ASC Topic 326). This proposed interagency policy statement describes the measurement of expected credit losses under the current expected credit losses (CECL) methodology and the accounting for impairment on available-for-sale (AFS) debt securities in accordance with FASB ASC Topic 326; supervisory expectations for designing, documenting, and validating expected credit loss estimation processes, including the internal controls over these processes; maintaining appropriate ACLs; the responsibilities of boards of directors and management; and examiner reviews of ACLs.

Commenters (5)

• American Bankers Associationtrade assoc.

  1 filing · confidence 97%
• Bank Policy Institutetrade assoc.

  1 filing · confidence 97%
• Capital One Financial Corporationunverified attribution

  1 filing · confidence 70%
• Mortgage Bankers Associationtrade assoc.

  1 filing · confidence 97%
• Patelco Credit Unionunverified attribution

  1 filing · confidence 70%