Also: NCUA set to address FOM, CECL next week; SBA releases lender guidance on PPP loan forgiveness process



NAFCU TODAY | The News You Need Daily.

July 24, 2020



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Berger calls for CU CECL exemption as FASB gets new chair [ [link removed] ]
NAFCU President and CEO Dan Berger sent a letter to new Financial Accounting Standards Board (FASB) Chairman Richard Jones outlining the association's concerns with the impact the current expected credit loss (CECL) standard will have on credit unions and urging an exemption for the industry.


NCUA set to address FOM changes, CECL implementation [ [link removed] ]
The NCUA Board next week is expected to finalize a rule to make its 2016 field of membership (FOM) rule consistent with last year's decision from the U.S. Court of Appeals for the D.C. Circuit in the lawsuit brought by the American Bankers Association (ABA). In addition, the board will propose a rule to transition credit unions to the current expected credit loss (CECL) standard.


New PPP forgiveness application portal to go live Aug. 10 [ [link removed] ]
The Small Business Administration (SBA) this week released a procedural notice regarding submission of paycheck protection program (PPP) loan forgiveness applications, as well as an information notice providing guidance on identifying and reporting suspicious Economic Injury Disaster Loans (EIDL).






5 things to know this week [ [link removed] ]
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 news related to the unemployment claims, the Fed's decision to pause fee increases for 2021, and more.


Senate passes NDAA without NAFCU-sought changes [ [link removed] ]
The Senate Thursday passed its version of the fiscal year 2021 National Defense Authorization Act (NDAA). Unlike its House-passed counterpart, the Senate did not add a NAFCU-sought amendment to make reforms to the Bank Secrecy Act (BSA)/anti-money laundering (AML) regime and kept a credit union-opposed provision related to nominal leases on military bases included in the bill.


NAFCU, trades tout benefits of modernizing E-SIGN, urge Senate support [ [link removed] ]
NAFCU joined with several other trade associations Thursday to call on the Senate to modernize the outdated Electronic Signatures in Global and National Commerce (E-SIGN) Act, highlighting that financial services and business have drastically transformed since it was enacted 20 years ago and consumers' internet access and literacy have significantly increased.


NAFCU seeks CU input on CFPB QM proposals [ [link removed] ]
NAFCU is currently seeking comment from member credit unions on the CFPB's notice of proposed rulemaking (NPRM) earlier this month regarding the definition of a general qualified mortgage (QM) under the Truth in Lending Act (TILA). The association provided section-by-section analysis of the proposed rule in a NAFCU Regulatory Alert sent yesterday, as well as a second Regulatory Alert to brief credit unions on the extension of the Government-Sponsored Enterprises Patch (GSE) QM Patch sunset date.


This week on the Compliance Blog: Updated NCUA supervisory priorities, unauthorized transactions, more [ [link removed] ]
As credit unions work to meet the needs of their members and communities amid the coronavirus pandemic and restore normal operations, NAFCU's award-winning Regulatory Compliance Team is keeping the industry informed of the latest developments and available resources via the Compliance Blog every Monday, Wednesday, and Friday.



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