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CECL Interagency FAQs

The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC) have released an updated Current Expected Credit Losses (CECL) Frequently Asked Questions (FAQ) document. This document contains already issued FAQs from 2016 and 2017, as well as those updated and newly added in this April 2019 release. 

According to the agencies, the FAQs are designed to assist institutions and examiners. The agencies plan to issue proposed supervisory guidance on allowance for credit losses under CECL before the new accounting standard’s effective date. 

Vocab Compliance: