The FASB’s accounting standards update for credit losses (ASU No. 2016-13) will replace the current incurred loss model with an expected loss model, one of the most significant changes in the history of bank accounting. The Federal Reserve, FDIC, NCUA, and OCC have issued 14 FAQs on the new standard, which become effective in 2020. For more information, see the press release and FAQs on the OCC’s website.