Loan-loss provisions

The Las Vegas-based institution reported that its net interest margin rose during the third quarter of 2019 as consumer loan balances increased.

Shares in the lender fell after it reported lower third-quarter profits, said nonperforming assets rose and cautioned that it had lost multifamily loan deals to competitors offering easier terms.

The four prudential agencies, which will enforce the new credit loss methodology developed by the Financial Accounting Standards Board, said they want to promote consistency.

FASB delayed implementation for the majority of banks and credit unions until 2023, but many in the industry still oppose the rule, despite regulators' attempts to ease the path forward.

The banking industry will continue its fight against the credit-loss rule; the bank posted gains in consumer, wealth management and commercial lending.

The accounting board delayed implementation for the majority of banks and credit unions until 2023.

Credit unions across the pond are hopeful that they will be able to push their legislative priorities once Parliament is no longer preoccupied with Brexit.

The Las Vegas-based institution said its income for the first half of the year was down as it put more into its loan-loss provision.

As many as 20% of institutions haven't started planning for the new standard, according to one study. Many say CUs must start now in order to be ready, even if the rule is postponed.

Both Democrats and Republicans devoted considerable time at a House Financial Services Committee hearing last week to lamenting how the accounting standard will hurt small lenders.