Berger
calls for CU CECL exemption as FASB gets new chair
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
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
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).
3rd
Edition Now Available: NAFCU's Credit Union Director Handbook!
We've
updated our handbook to provide CU Board of Directors with more necessary tools
to fulfill their role - Program Underwritten by Gallagher
5 things to know this week
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
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
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modernize the outdated Electronic Signatures in Global and National Commerce (E-SIGN)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
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
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.
