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Effective Date: 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:

Final interagency policy statement.

SUMMARY:

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration (collectively, the agencies) are issuing a revised interagency policy statement on allowances for credit losses (ACLs) (revised statement). The agencies are issuing the revised 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) 2022–02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures issued in March 2022.

DATES:

The interagency policy statement is available on April 27, 2023.

https://www.federalregister.gov/documents/2023/04/27/2023-08876/interagency-policy-statement-on-allowances-for-credit-losses-revised-april-2023

  • April 27, 2023
  • Time: All Day