FASB REQUEST FOR COMMENT: MCUL Comments on FASB Credit Losses Proposal 

On May 31, MCUL responded to the Financial Accounting Standards Board request for comment on the Credit Losses proposal. In its letter, the MCUL stressed the drastic impact and unintended consequences the proposed rules would have on credit unions should the rules become effective. As stated in the comment letter; “If passed, this proposal will have the very real effect of directly threatening the stability, safety and soundness of an industry segment that has proved itself safe and sound; did not contribute to the financial crisis (and in fact helped communities and business weather the crisis with sound lending practices and available credit); and that services over half of the population of the state of Michigan and 93 million members nationwide.”


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