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CUNA urges accounting oversight amendments adoption
WASHINGTON (11/19/09)—An amendment to bolster government oversight of the Financial Accounting Standards Board (FASB)would improve the accounting board’s policy-making process and help minimize arbitrary rulemaking, the Credit Union National Association (CUNA) said in a letter of support Wednesday. Referring to an amendment designed by Rep. Ed Perlmutter (D-Colo.),CUNA told key lawmakers that the amendment would not compromise the independence or integrity of FASB. CUNA added that it would not impinge on FASB’s setting of accounting standards, nor the oversight of these standards by the Securities and Exchange Commission (SEC), except to the extent that these principles pose systemic risk concerns to the financial services sector of the economy. In its letter seeking support for the amendment from House Financial Services Committee Chairman Barney Frank (D-Mass.) and the panel’s ranking member, Rep. Spencer Bachus (R-Ala.), CUNA said “a range of accounting issues continues to undermine financial institutions' operations.” The letter noted specifically the impact on a financial institution's financial statements of having to determine assets are Other Than Temporarily Impaired (OTTI) Assets and the specter of having to apply fair-value accounting principles to loans and the allowance for loan losses account. The Perlmutter amendment would authorize a systemic risk council the authority to take corrective action regarding accounting matters if the SEC failed to do so, CUNA wrote.


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