The Senate Wednesday confirmed Tanya Otsuka to the NCUA Board by voice vote. NAFCU Senior Vice President of Government Affairs Greg Mesack offered the association’s congratulations on her confirmation.
In an op-ed for CU Insight, NAFCU Senior Vice President of Government Affairs Greg Mesack called on the NCUA to be more fiscally responsible and ensure it “adheres to the same principles as the industry it oversees.” The op-ed comes in response to the agency’s final 2024 budget, which will be 7 percent higher than this year and include an operating fee increase of roughly 16 percent.
A new episode of the Credit Union Policy Podcast (CUPP) is now available and features a discussion between host and NAFCU Vice President of Regulatory Affairs Ann Petros and NAFCU President and CEO Dan Berger.
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The NCUA Wednesday issued an alert for credit unions, outlining a technical correction with the calculation of the current expected credit loss (CECL) transition amount in the NCUA’s regulations. Credit unions that adopted the CECL accounting standard in 2023 should use the method described below to calculate and report on the Call Report their CECL transition amount.
NAFCU and CUNA, along with several financial trade associations, wrote to Federal Housing Finance Agency (FHFA) Director Sandra Thompson to request that the agency be transparent with its data and analyses regarding credit scoring models and the shift to bi-merge reporting.
The NCUA unanimously approved its 2024 budget, including a 7 percent increase in the overall budget and a 16 percent increase in operating fees. NAFCU met with all three members of the NCUA Board ahead of the agency’s December Board meeting, and successfully urged the NCUA to lower its budget.
Existing home sales rose 0.8 percent in November to a seasonally-adjusted annual rate of 3.82 million units, representing a 7.3 percent decrease in sales versus a year ago. NAFCU Research Analyst John Hay broke down the report in a new NAFCU Macro Data Flash report.
NAFCU’s offices will be closed Friday and Monday in observance of the Christmas holiday. Credit union members will still have access to the association’s website for resources as well as regulatory and legislative updates on key issues.
Learn from industry experts in Arlington, VA, March 18 - 22, 2024, at the 2024 Regulatory Compliance School. Plus, earn your NCCO certification when you pass the optional exams!View the Agenda.
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