NCUA
chairman backs NAFCU's call for CU CECL exemption
NCUA Chairman
Rodney Hood Thursday called on the Financial Accounting Standards Board (FASB)
to exempt credit unions from the current expected credit loss (CECL) standard.
Since 2016, when the standard was issued, NAFCU has continuously urged FASB to
exempt credit unions from the standard due to their unique capital framework and
the negative impact the standard could have on the industry.
4
things to know on coronavirus
NAFCU's widely-read NAFCU Today
is credit union leaders' go-to source for the latest on issues impacting
the credit union industry. For those short on time, here's a roundup of this
week's top need-to-know updates and resources related to the coronavirus
pandemic, including on the paycheck protection program, Federal Reserve's Main Street Lending Program, and more.
NCUA's
Hood supports NAFCU-sought reforms in letter to Senate chairman
In
a letter sent to Senate Banking Committee Chairman Mike Crapo, R-Idaho, this week,
NCUA Chairman Rodney Hood spoke out in support of greater relief for the credit
union industry amid the coronavirus pandemic, including many NAFCU-sought initiatives.
The letter was sent in response to an inquiry from Chairman Crapo to financial
regulators asking for updates on pandemic relief efforts.
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NCUA
Letter to CUs offers guidance on providing coronavirus relief to borrowers
In a Letter to Credit Unions released yesterday, the NCUA offered a variety of
strategies credit unions can use to work with borrowers who experience financial
hardships due to the coronavirus, including how to monitor and report loan modifications.
This comes following the NCUA and other federal and state regulators released
a revised interagency statement in April encouraging financial institutions to
work constructively with borrowers impacted negatively by the pandemic.
New
on the Compliance Blog: BSA/AML, Reg D, HMDA
NAFCU's award-winning
Compliance Team is working around the clock to publish new Compliance Blog posts
daily, Monday-Friday, to keep credit unions informed of important regulatory updates
during the coronavirus pandemic. Here is a roundup of this week's blog posts.
The
NAFCU Journal: Explore data-based growth strategies, mortgage lending environment, more
The May-June edition of The NAFCU Journal is now available online and features
articles to provide credit unions with insights into the benefits of strategically
analyzing data and how credit unions' biggest strengths can shine in the housing finance market.
NCUA
bans 1 from future work in FIs
The NCUA in April issued one prohibition
notice, prohibiting an individual previously associated with credit unions from
any future participation in the affairs of a federally-insured financial institution.
