Interagency Policy Statement on Allowances for Credit Losses (Revised April 2023)
Abstract
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.
Federal Register Source
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Frequently Asked Questions
What is the 2023-08876 Federal Register document?
Document 2023-08876 is a Final Rule published by the Federal Reserve System in the Federal Register on April 27, 2023. 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. View the original at https://www.federalregister.gov/documents/2023/04/27/2023-08876/interagency-policy-statement-on-allowances-for-credit-losses-revised-april-2023.
Is document 2023-08876 an economically significant rule?
No. Document 2023-08876 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.