CECL delay for CUs now official

first_imgThe Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) to delay the current expected credit loss (CECL) standard by an additional year has been published and is now official. As a result of the update, the implementation date for not-for-profits, including credit unions, is now 2023.NAFCU maintains that credit unions should not be subject to CECL due to the negative impact it will have on institutions’ capital. The association will continue to ask FASB to consider less burdensome alternatives for the industry and work with the NCUA to provide more resources for credit unions.The ASU also includes new timetables for hedging and lease standards, which extends and simplifies how effective dates for future major standards are staggered between larger public companies and all other entities.Following FASB’s decision to move forward with the delay, federal financial regulators – including the NCUA – issued a proposed interagency policy statement for CECL and proposed guidance on credit risk review systems. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

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Will Europe reopen for Christmas? JP Morgan thinks it will

first_imgA seller demonstrates the candlesticks at a shop during the Christmas market at Kontraktova Square in Kiev.SOPA Images | LightRocket | Getty Images LONDON — Will Europe reopen in time for Christmas? It’s the question on the minds of many Europeans as the holiday season approaches, with experts at JPMorgan believing that Covid-19 restrictions will be eased before the festivities begin. European countries are grappling with a second wave of coronavirus infections. As a result, Germany and France — the two largest euro economies are in national lockdowns and many other nations have also toughened up their measures to protect their health systems.- Advertisement – The stepping up of restrictions in recent weeks has delivered a fresh blow to the services industry, with concerns on how long the measures will last.“Given the huge amount of economic and social activity that takes place in December, it is critical to know whether the current timetables will be kept to,” David Mackie, an economist at JPMorgan, said in a note on Thursday.“Our judgement is that they will be,” he said.- Advertisement – – Advertisement – – Advertisement – “Lockdowns should be eased by early December, which will allow a strong bounce in economic and social activity ahead of the holiday season,” he said.“Whether or not there is another European lockdown during the early months of next year remains to be seen, and much depends on developments in the vaccine candidates. But, for now, enough has been done to turn infections around,” Mackie added.JPMorgan has studied the latest mobility data in Europe, comparing it with what happened during the first wave. The bank concluded that in Germany, Spain and the U.K., mobility numbers have dropped enough to keep the spread of the virus at a manageable rate.Furthermore, JPMorgan also argued that in the Republic of Ireland, the Netherlands and Slovakia — where restrictions were stepped up earlier in the current second wave — the number of new cases has come down in the past week.“These experiences suggest that the restrictions put in place across Europe in recent weeks will be sufficient to reassert control over the virus, at least for now,” Mackie said.Subscribe to CNBC PRO to access live PRO Talks, including our Dec. 2 discussion on opportunities and risks in international markets. Germany’s national lockdown is due to last until the end of November; in France, the current restrictions are due to last until Dec. 1; and in the U.K. the latest lockdown is set to end on Dec. 2.last_img read more

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Dodgers lose Alex Verdugo to oblique strain, recall Edwin Rios

first_img How Dodgers pitcher Ross Stripling topped the baseball podcast empire ALSOTriple-A catcher Keibert Ruiz was placed on the injured list with a broken pinky. The 21-year-old prospect was hitting .254 with four home runs in 76 games when his hand was struck by a pitched ball Saturday. … Ross Stripling was scheduled to make a two-inning rehabilitation appearance with advanced Class-A Rancho Cucamonga, but that was cancelled after the pitcher reported a recurrence of neck stiffness. Stripling is on the 10-day IL with biceps tendinitis, an injury that was triggered by neck stiffness during his last start on July 24. … Prospect Gavin Lux was named the Pacific Coast League’s player of the month for July, his first full month at Triple-A. The 21-year-old infielder posted a .435 batting average, .519 OBP and .837 slugging average during the month.UP NEXTDodgers (RHP Dustin May) vs. Cardinals (RHP Jack Flaherty), noon, YouTube, 570-AM Verdugo, 23, was hitting .294 with a .342 on-base percentage and .475 slugging percentage in 106 games. He had seven hits, including two doubles, in his last 15 at-bats. The rookie regularly hit second in the Dodgers’ batting order and made his first appearance in the leadoff slot July 27.Edwin Rios was recalled from Triple-A Oklahoma City for the second time this season. Roberts said Rios will see time in left field, first base and third base in Verdugo’s absence.Rios is 4 for 15 (.267) with a double and a triple in eight games with the Dodgers. Rios was riding a 13-game hitting streak at Oklahoma City during which he batted .396 with eight home runs and 21 RBIs.“He’s really taken to staying in the strike zone,” Roberts said of Rios. “We’ve had conversations about that when he was here, with the hitting guys, and he really took heed and took it to OKC. He’s getting on base, he’s slugging, using the big part of the field. … He’s really earned the opportunity to get back here.”GONSOLIN DOWN, FERGUSON UPThe Dodgers made one other roster move Tuesday, recalling left-hander Caleb Ferguson and optioning right-hander Tony Gonsolin to Oklahoma City. Gonsolin limited the St. Louis Cardinals to two hits over six shutout innings Monday in his second major league start. His next turn in the rotation would have been Sunday, but Roberts said Hyun-Jin Ryu will be activated from the injured list and pitch that day against the Arizona Diamondbacks.Roberts said Gonsolin will start Monday in Oklahoma City instead.“He’s missed time this year with the oblique injury himself,” Roberts said of Gonsolin. “To get him to continue to log innings for the season gives us a good option going forward. We expect Tony back at some point soon.”Roberts left open the possibility that Gonsolin might return as either a starter or a reliever.Ferguson, who has a 5.88 ERA in 27 games this season, returns for his third major league stint. He figures to serve as an extra relief pitcher at least until Sunday, when Ryu returns.Ryu, on the 10-day disabled list with neck stiffness, threw a bullpen session Tuesday without incident.PLAYERS WEEKEND RETURNSMajor League Baseball announced that it will reprise its Players’ Weekend tradition for the third time on Aug. 23-25. The dates coincide with the Dodgers’ three-game home series against the New York Yankees.In addition to customizable names on the back of each player’s jersey, MLB is introducing some new wrinkles to the tradition. A patch honoring Angels pitcher Tyler Skaggs, who died July 1, will also be available for players to wear on their uniforms if they choose. The Dodgers will wear off-white hats and jerseys with white lettering. Players will also be permitted to engage on social media using personal handheld mobile devices on the field or in the dugout prior to the national anthem.Some of the Dodgers’ more creative nameplate choices: Joc Pederson (crown emoji), Russell Martin (“EL” followed by a bicep emoji), Hyun-Jin Ryu (his name in Korean), and Inland Empire native Joe Kelly (“909”).Related Articles Fire danger is on Dave Roberts’ mind as Dodgers head to San Francisco Dodgers hit seven home runs, sweep Colorado Rockies center_img Cody Bellinger homer gives Dodgers their first walkoff win of season Dodgers’ Max Muncy trying to work his way out of slow start LOS ANGELES – The Dodgers will be without Alex Verdugo for 10 days, maybe longer, after the outfielder was placed on the injured list with a strained right oblique muscle. The move is retroactive to Monday, so Verdugo is eligible to return as early as Aug. 15. The rookie might need more time to recover.Manager Dave Roberts said Verdugo will rest for a few days before resuming baseball activities. When the team departs for Miami on Monday, Verdugo will continue his rehabilitation at the Dodgers’ Camelback Ranch facility in Arizona.Originally described as a back injury, Roberts said Verdugo was hurt in Sunday’s game against the Padres trying to avoid a ground ball.“He felt it was OK, but the next morning he woke up, tried to move around, and take swings for the game and felt it more in the oblique,” Roberts said of Verdugo. “And he was quite tender when the docs were kind of touching on it.” Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more

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