This section of the FEDERAL REGISTER
contains notices to the public of the proposed
issuance of rules and regulations. The
purpose of these notices is to give interested
persons an opportunity to participate in the
rule making prior to the adoption of the final
rules.
Proposed Rules Federal Register
55510
Vol. 84, No. 201
Thursday, October 17, 2019
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Part 30
[Docket No. ID OCC–2019–0013]
FEDERAL RESERVE SYSTEM
12 CFR Part 208
[Docket No. OP–1680]
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 364
RIN 3064–ZA10
NATIONAL CREDIT UNION
ADMINISTRATION
12 CFR Part 741
RIN 3133–AF05
Interagency Policy Statement on
Allowances for Credit Losses
AGENCY: Office of the Comptroller of the
Currency (OCC), Treasury; Board of
Governors of the Federal Reserve
System (Board); Federal Deposit
Insurance Corporation (FDIC); and
National Credit Union Administration
(NCUA).
ACTION: Proposed interagency policy
statement; request for comment.
SUMMARY: 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.
DATES: Comments must be received by
December 16, 2019.
ADDRESSES: Interested parties are
invited to submit written comments to
any or all of the agencies. All comments,
which should refer to the ‘‘Proposed
Interagency Policy Statement on
Allowances for Credit Losses,’’ will be
shared among the agencies.
OCC: Commenters are encouraged to
submit comments through the Federal
eRulemaking Portal or email, if possible.
Please use the title ‘‘Proposed
Interagency Policy Statement on
Allowances for Credit Losses’’ to
facilitate the organization and
distribution of the comments. You may
submit comments by any of the
following methods:
• Federal eRulemaking Portal—
Regulations.gov Classic or
Regulation.gov Beta
Regulation.gov Classic: Go to https://
www.regulations.gov/. Enter ‘‘Docket ID
OCC–2019–0013’’ in the Search Box and
click ‘‘Search.’’ Click on ‘‘Comment
Now’’ to submit public comments. For
help with submitting effective
comments please click on ‘‘View
Commenter’s Checklist.’’ Click on the
‘‘Help’’ tab on the Regulations.gov home
page to get information on using
Regulations.gov, including instructions
for submitting public comments.
Regulations.gov Beta: Go to https://
beta.regulations.gov/ or click ‘‘Visit
New Regulations.gov Site’’ from the
Regulations.gov classic homepage. Enter
‘‘Docket ID OCC–2019–0013’’ in the
Search Box and click ‘‘Search.’’ Public
comments can be submitted via the
‘‘Comment’’ box below the displayed
document information or click on the
document title and click the
‘‘Comment’’ box on the top-left side of
the screen. For help with submitting
effective comments please click on
‘‘Commenter’s Checklist.’’ For
assistance with the Regulations.gov Beta
site please call (877) 378–5457 (toll free)
or (703) 454–9859 Monday–Friday, 9
a.m.–5 p.m. ET or email to regulations@
erulemakinghelpdesk.com.
• Email: regs.comments@
occ.treas.gov.
• Mail: Chief Counsel’s Office,
Attention: Comment Processing, Office
of the Comptroller of the Currency, 400
7th Street SW, Suite 3E–218,
Washington, DC 20219.
• Hand Delivery/Courier: 400 7th
Street SW, Suite 3E–218, Washington,
DC 20219.
• Fax: (571) 465–4326.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘Docket
ID OCC–2019–0013’’ in your comment.
In general, the OCC will enter all
comments received into the docket and
publish them on the Regulations.gov
website without change, including any
business or personal information that
you provide such as name and address
information, email addresses, or phone
numbers. Comments received, including
attachments and other supporting
materials, are part of the public record
and subject to public disclosure. Do not
enclose any information in your
comment or supporting materials that
you consider confidential or
inappropriate for public disclosure.
You may review comments and other
related materials that pertain to this
notice by any of the following methods:
• Viewing Comments Electronically—
Regulations.gov Classic or
Regulations.gov Beta
Regulations.gov Classic: Go to https://
www.regulations.gov/. Enter ‘‘Docket ID
OCC–2019–0013’’ in the Search box and
click ‘‘Search.’’ Click on ‘‘Open Docket
Folder’’ on the right side of the screen.
Comments and supporting materials can
be viewed and filtered by clicking on
‘‘View all documents and comments in
VerDate Sep<11>2014 17:00 Oct 16, 2019 Jkt 250001 PO 00000 Frm 00001 Fmt 4702 Sfmt 4702 E:\FR\FM\17OCP1.SGM 17OCP1
contains notices to the public of the proposed
issuance of rules and regulations. The
purpose of these notices is to give interested
persons an opportunity to participate in the
rule making prior to the adoption of the final
rules.
Proposed Rules Federal Register
55510
Vol. 84, No. 201
Thursday, October 17, 2019
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Part 30
[Docket No. ID OCC–2019–0013]
FEDERAL RESERVE SYSTEM
12 CFR Part 208
[Docket No. OP–1680]
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 364
RIN 3064–ZA10
NATIONAL CREDIT UNION
ADMINISTRATION
12 CFR Part 741
RIN 3133–AF05
Interagency Policy Statement on
Allowances for Credit Losses
AGENCY: Office of the Comptroller of the
Currency (OCC), Treasury; Board of
Governors of the Federal Reserve
System (Board); Federal Deposit
Insurance Corporation (FDIC); and
National Credit Union Administration
(NCUA).
ACTION: Proposed interagency policy
statement; request for comment.
SUMMARY: 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.
DATES: Comments must be received by
December 16, 2019.
ADDRESSES: Interested parties are
invited to submit written comments to
any or all of the agencies. All comments,
which should refer to the ‘‘Proposed
Interagency Policy Statement on
Allowances for Credit Losses,’’ will be
shared among the agencies.
OCC: Commenters are encouraged to
submit comments through the Federal
eRulemaking Portal or email, if possible.
Please use the title ‘‘Proposed
Interagency Policy Statement on
Allowances for Credit Losses’’ to
facilitate the organization and
distribution of the comments. You may
submit comments by any of the
following methods:
• Federal eRulemaking Portal—
Regulations.gov Classic or
Regulation.gov Beta
Regulation.gov Classic: Go to https://
www.regulations.gov/. Enter ‘‘Docket ID
OCC–2019–0013’’ in the Search Box and
click ‘‘Search.’’ Click on ‘‘Comment
Now’’ to submit public comments. For
help with submitting effective
comments please click on ‘‘View
Commenter’s Checklist.’’ Click on the
‘‘Help’’ tab on the Regulations.gov home
page to get information on using
Regulations.gov, including instructions
for submitting public comments.
Regulations.gov Beta: Go to https://
beta.regulations.gov/ or click ‘‘Visit
New Regulations.gov Site’’ from the
Regulations.gov classic homepage. Enter
‘‘Docket ID OCC–2019–0013’’ in the
Search Box and click ‘‘Search.’’ Public
comments can be submitted via the
‘‘Comment’’ box below the displayed
document information or click on the
document title and click the
‘‘Comment’’ box on the top-left side of
the screen. For help with submitting
effective comments please click on
‘‘Commenter’s Checklist.’’ For
assistance with the Regulations.gov Beta
site please call (877) 378–5457 (toll free)
or (703) 454–9859 Monday–Friday, 9
a.m.–5 p.m. ET or email to regulations@
erulemakinghelpdesk.com.
• Email: regs.comments@
occ.treas.gov.
• Mail: Chief Counsel’s Office,
Attention: Comment Processing, Office
of the Comptroller of the Currency, 400
7th Street SW, Suite 3E–218,
Washington, DC 20219.
• Hand Delivery/Courier: 400 7th
Street SW, Suite 3E–218, Washington,
DC 20219.
• Fax: (571) 465–4326.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘Docket
ID OCC–2019–0013’’ in your comment.
In general, the OCC will enter all
comments received into the docket and
publish them on the Regulations.gov
website without change, including any
business or personal information that
you provide such as name and address
information, email addresses, or phone
numbers. Comments received, including
attachments and other supporting
materials, are part of the public record
and subject to public disclosure. Do not
enclose any information in your
comment or supporting materials that
you consider confidential or
inappropriate for public disclosure.
You may review comments and other
related materials that pertain to this
notice by any of the following methods:
• Viewing Comments Electronically—
Regulations.gov Classic or
Regulations.gov Beta
Regulations.gov Classic: Go to https://
www.regulations.gov/. Enter ‘‘Docket ID
OCC–2019–0013’’ in the Search box and
click ‘‘Search.’’ Click on ‘‘Open Docket
Folder’’ on the right side of the screen.
Comments and supporting materials can
be viewed and filtered by clicking on
‘‘View all documents and comments in
VerDate Sep<11>2014 17:00 Oct 16, 2019 Jkt 250001 PO 00000 Frm 00001 Fmt 4702 Sfmt 4702 E:\FR\FM\17OCP1.SGM 17OCP1
55511Federal Register / Vol. 84, No. 201 / Thursday, October 17, 2019 / Proposed Rules
this docket’’ and then using the filtering
tools on the left side of the screen. Click
on the ‘‘Help’’ tab on the
Regulations.gov home page to get
information on using Regulations.gov.
The docket may be viewed after the
close of the comment period in the same
manner as during the comment period.
Regulations.gov Beta: Go to https://
beta.regulations.gov/ or click ‘‘Visit
New Regulations.gov Site’’ from the
Regulations.gov classic homepage. Enter
‘‘Docket ID OCC–2019–2013’’ in the
Search Box and click ‘‘Search.’’ Click on
the ‘‘Comments’’ tab. Comments can be
viewed and filtered by clicking on the
‘‘Sort By’’ drop-down on the right side
of the screen or the ‘‘Refine Results’’
options on the left side of the screen.
Supporting Materials can be viewed by
clicking on the ‘‘Documents’’ tab and
filtered by clicking on the ‘‘Sort By’’
drop-down on the right side of the
screen or the ‘‘Refine Results’’ options
on the left side of the screen.’’ For
assistance with the Regulations.gov Beta
site please call (877) 378–5457 (toll free)
or (703) 454–9859 Monday–Friday, 9
a.m.–5 p.m. ET or email to regulations@
erulemakinghelpdesk.com.
The docket may be viewed after the
close of the comment period in the same
manner as during the comment period.
• Viewing Comments Personally: You
may personally inspect comments at the
OCC, 400 7th Street SW, Washington,
DC 20219. For security reasons, the OCC
requires that visitors make an
appointment to inspect comments. You
may do so by calling (202) 649–6700 or,
for persons who are deaf or hearing
impaired, TTY, (202) 649–5597. Upon
arrival, visitors will be required to
present valid government-issued photo
identification and submit to security
screening in order to inspect comments.
Board: You may submit written
comments, identified by Docket No.
OP–1680, by any of the following
methods:
• Agency Website: http://
www.federalreserve.gov. Follow the
instructions for submitting comments at
http://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
• Email: regs.comments@
federalreserve.gov. Include docket
number in the subject line of the
message.
• Fax: (202) 452–3819 or 202–452–
3102.
• Mail: Ann E. Misback, Secretary,
Board of Governors of the Federal
Reserve System, 20th Street and
Constitution Avenue NW, Washington,
DC 20551.
All public comments will be made
available on the Board’s website at
http://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm as
submitted, unless modified for technical
reasons or to remove personally
identifiable information at the
commenter’s request. Accordingly,
comments will not be edited to remove
any identifying or contact information.
Public comments may also be viewed
electronically or in paper form in Room
146, 1709 New York Avenue NW,
Washington, DC 20006, between 9:00
a.m. and 5:00 p.m. on weekdays.
FDIC: You may submit comments,
which should refer to ‘‘Proposed
Interagency Policy Statement on
Allowances for Credit Losses,’’ by any of
the following methods:
• Agency Website: https://
www.fdic.gov/regulations/laws/federal/.
Follow the instructions for submitting
comments on the FDIC’s website.
• Federal eRulemaking Portal:
https://www.regulations.gov. Follow the
instructions for submitting comments.
• Email: Comments@fdic.gov. Include
‘‘Proposed Interagency Policy Statement
on Allowances for Credit Losses’’ in the
subject line of the message.
• Mail: Robert E. Feldman, Executive
Secretary, Attention: Comments, Federal
Deposit Insurance Corporation, 550 17th
Street NW, Washington, DC 20429.
• Hand Delivery: Comments may be
hand delivered to the guard station at
the rear of the 550 17th Street Building
(located on F Street) on business days
between 7:00 a.m. and 5:00 p.m.
Public Inspection: All comments
received will be posted without change
to https://www.fdic.gov/regulations/
laws/federal/ including any personal
information provided. Paper copies of
public comments may be requested from
the FDIC Public Information Center by
telephone at (877) 275–3342 or (703)
562–2200.
NCUA: You may submit comments by
any one of the following methods
(please send comments by one method
only):
• Federal Rulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
• Email: Address to regcomments@
ncua.gov. Include ‘‘[Your name]—
Comments on Proposed Interagency
Policy Statement on Allowances for
Credit Losses’’ in the email subject line.
• Fax: (703) 518–6319. Use the
subject line described above for email.
• Mail: Address to Gerard Poliquin,
Secretary of the Board, National Credit
Union Administration, 1775 Duke
Street, Alexandria, Virginia 22314–
3428.
• Hand Delivery/Courier: Same as
mail address.
Public Inspection: You can view all
public comments on NCUA’s website at
https://www.ncua.gov/regulation-
supervision/rules-regulations/proposed-
pending-and-recently-final-regulations
as submitted, except for those we cannot
post for technical reasons. NCUA will
not edit or remove any identifying or
contact information from the public
comments submitted. You may inspect
paper copies of comments in NCUA’s
law library at 1775 Duke Street,
Alexandria, Virginia 22314, by
appointment weekdays between 9:00
a.m. and 3:00 p.m. To make an
appointment, call (703) 518–6546 or
send an email to OGCMail@ncua.gov.
FOR FURTHER INFORMATION CONTACT:
OCC: Amanda Freedle, Senior
Accounting Policy Advisor, Office of the
Chief Accountant, (202) 649–6280; or
Kevin Korzeniewski, Counsel, Chief
Counsel’s Office, (202) 649–5490; or for
persons who are hearing impaired, TTY,
(202) 649–5597.
BOARD: Lara Lylozian, Assistant
Chief Accountant—Supervision, (202)
475–6656; or Kevin Chiu, Accounting
Policy Analyst, (202) 912–4608,
Division of Supervision and Regulation;
or David W. Alexander, Senior Counsel,
(202) 452–2877; or Asad Kudiya, Senior
Counsel, (202) 475–6358, Legal
Division, Board of Governors of the
Federal Reserve System, 20th and C
Streets NW, Washington, DC 20551. For
the hearing impaired only,
Telecommunication Device for the Deaf
(TDD), (202) 263–4869.
FDIC: Shannon Beattie, Chief,
Accounting and Securities Disclosure
Section, (202) 898–3952; or John Rieger,
Deputy Chief Accountant, (202) 898–
3602; or Andrew Overton, Examination
Specialist (Bank Accounting), (202)
898–8922; Division of Risk Management
Supervision; or Michael Phillips,
Counsel, (202) 898–3581, Legal
Division, Federal Deposit Insurance
Corporation, 550 17th Street NW,
Washington, DC 20429.
NCUA: Technical information: Alison
Clark, Chief Accountant, Office of
Examination and Insurance, at the above
address or telephone (703) 518–6611 or
Legal information: Ariel Pereira, Staff
Attorney, Office of General Counsel, at
(703) 548–2778.
SUPPLEMENTARY INFORMATION:
I. Background
FASB ASC Topic 326 introduces the
CECL methodology, which replaces the
incurred loss methodology for financial
assets measured at amortized cost, net
investments in leases, and certain off-
balance-sheet credit exposures, and
modifies the accounting for impairment
on AFS debt securities. FASB ASC
Topic 326 applies to all banks, savings
VerDate Sep<11>2014 17:00 Oct 16, 2019 Jkt 250001 PO 00000 Frm 00002 Fmt 4702 Sfmt 4702 E:\FR\FM\17OCP1.SGM 17OCP1
this docket’’ and then using the filtering
tools on the left side of the screen. Click
on the ‘‘Help’’ tab on the
Regulations.gov home page to get
information on using Regulations.gov.
The docket may be viewed after the
close of the comment period in the same
manner as during the comment period.
Regulations.gov Beta: Go to https://
beta.regulations.gov/ or click ‘‘Visit
New Regulations.gov Site’’ from the
Regulations.gov classic homepage. Enter
‘‘Docket ID OCC–2019–2013’’ in the
Search Box and click ‘‘Search.’’ Click on
the ‘‘Comments’’ tab. Comments can be
viewed and filtered by clicking on the
‘‘Sort By’’ drop-down on the right side
of the screen or the ‘‘Refine Results’’
options on the left side of the screen.
Supporting Materials can be viewed by
clicking on the ‘‘Documents’’ tab and
filtered by clicking on the ‘‘Sort By’’
drop-down on the right side of the
screen or the ‘‘Refine Results’’ options
on the left side of the screen.’’ For
assistance with the Regulations.gov Beta
site please call (877) 378–5457 (toll free)
or (703) 454–9859 Monday–Friday, 9
a.m.–5 p.m. ET or email to regulations@
erulemakinghelpdesk.com.
The docket may be viewed after the
close of the comment period in the same
manner as during the comment period.
• Viewing Comments Personally: You
may personally inspect comments at the
OCC, 400 7th Street SW, Washington,
DC 20219. For security reasons, the OCC
requires that visitors make an
appointment to inspect comments. You
may do so by calling (202) 649–6700 or,
for persons who are deaf or hearing
impaired, TTY, (202) 649–5597. Upon
arrival, visitors will be required to
present valid government-issued photo
identification and submit to security
screening in order to inspect comments.
Board: You may submit written
comments, identified by Docket No.
OP–1680, by any of the following
methods:
• Agency Website: http://
www.federalreserve.gov. Follow the
instructions for submitting comments at
http://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
• Email: regs.comments@
federalreserve.gov. Include docket
number in the subject line of the
message.
• Fax: (202) 452–3819 or 202–452–
3102.
• Mail: Ann E. Misback, Secretary,
Board of Governors of the Federal
Reserve System, 20th Street and
Constitution Avenue NW, Washington,
DC 20551.
All public comments will be made
available on the Board’s website at
http://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm as
submitted, unless modified for technical
reasons or to remove personally
identifiable information at the
commenter’s request. Accordingly,
comments will not be edited to remove
any identifying or contact information.
Public comments may also be viewed
electronically or in paper form in Room
146, 1709 New York Avenue NW,
Washington, DC 20006, between 9:00
a.m. and 5:00 p.m. on weekdays.
FDIC: You may submit comments,
which should refer to ‘‘Proposed
Interagency Policy Statement on
Allowances for Credit Losses,’’ by any of
the following methods:
• Agency Website: https://
www.fdic.gov/regulations/laws/federal/.
Follow the instructions for submitting
comments on the FDIC’s website.
• Federal eRulemaking Portal:
https://www.regulations.gov. Follow the
instructions for submitting comments.
• Email: Comments@fdic.gov. Include
‘‘Proposed Interagency Policy Statement
on Allowances for Credit Losses’’ in the
subject line of the message.
• Mail: Robert E. Feldman, Executive
Secretary, Attention: Comments, Federal
Deposit Insurance Corporation, 550 17th
Street NW, Washington, DC 20429.
• Hand Delivery: Comments may be
hand delivered to the guard station at
the rear of the 550 17th Street Building
(located on F Street) on business days
between 7:00 a.m. and 5:00 p.m.
Public Inspection: All comments
received will be posted without change
to https://www.fdic.gov/regulations/
laws/federal/ including any personal
information provided. Paper copies of
public comments may be requested from
the FDIC Public Information Center by
telephone at (877) 275–3342 or (703)
562–2200.
NCUA: You may submit comments by
any one of the following methods
(please send comments by one method
only):
• Federal Rulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
• Email: Address to regcomments@
ncua.gov. Include ‘‘[Your name]—
Comments on Proposed Interagency
Policy Statement on Allowances for
Credit Losses’’ in the email subject line.
• Fax: (703) 518–6319. Use the
subject line described above for email.
• Mail: Address to Gerard Poliquin,
Secretary of the Board, National Credit
Union Administration, 1775 Duke
Street, Alexandria, Virginia 22314–
3428.
• Hand Delivery/Courier: Same as
mail address.
Public Inspection: You can view all
public comments on NCUA’s website at
https://www.ncua.gov/regulation-
supervision/rules-regulations/proposed-
pending-and-recently-final-regulations
as submitted, except for those we cannot
post for technical reasons. NCUA will
not edit or remove any identifying or
contact information from the public
comments submitted. You may inspect
paper copies of comments in NCUA’s
law library at 1775 Duke Street,
Alexandria, Virginia 22314, by
appointment weekdays between 9:00
a.m. and 3:00 p.m. To make an
appointment, call (703) 518–6546 or
send an email to OGCMail@ncua.gov.
FOR FURTHER INFORMATION CONTACT:
OCC: Amanda Freedle, Senior
Accounting Policy Advisor, Office of the
Chief Accountant, (202) 649–6280; or
Kevin Korzeniewski, Counsel, Chief
Counsel’s Office, (202) 649–5490; or for
persons who are hearing impaired, TTY,
(202) 649–5597.
BOARD: Lara Lylozian, Assistant
Chief Accountant—Supervision, (202)
475–6656; or Kevin Chiu, Accounting
Policy Analyst, (202) 912–4608,
Division of Supervision and Regulation;
or David W. Alexander, Senior Counsel,
(202) 452–2877; or Asad Kudiya, Senior
Counsel, (202) 475–6358, Legal
Division, Board of Governors of the
Federal Reserve System, 20th and C
Streets NW, Washington, DC 20551. For
the hearing impaired only,
Telecommunication Device for the Deaf
(TDD), (202) 263–4869.
FDIC: Shannon Beattie, Chief,
Accounting and Securities Disclosure
Section, (202) 898–3952; or John Rieger,
Deputy Chief Accountant, (202) 898–
3602; or Andrew Overton, Examination
Specialist (Bank Accounting), (202)
898–8922; Division of Risk Management
Supervision; or Michael Phillips,
Counsel, (202) 898–3581, Legal
Division, Federal Deposit Insurance
Corporation, 550 17th Street NW,
Washington, DC 20429.
NCUA: Technical information: Alison
Clark, Chief Accountant, Office of
Examination and Insurance, at the above
address or telephone (703) 518–6611 or
Legal information: Ariel Pereira, Staff
Attorney, Office of General Counsel, at
(703) 548–2778.
SUPPLEMENTARY INFORMATION:
I. Background
FASB ASC Topic 326 introduces the
CECL methodology, which replaces the
incurred loss methodology for financial
assets measured at amortized cost, net
investments in leases, and certain off-
balance-sheet credit exposures, and
modifies the accounting for impairment
on AFS debt securities. FASB ASC
Topic 326 applies to all banks, savings
VerDate Sep<11>2014 17:00 Oct 16, 2019 Jkt 250001 PO 00000 Frm 00002 Fmt 4702 Sfmt 4702 E:\FR\FM\17OCP1.SGM 17OCP1