Also: Appraisals rule, BSA exemption on NCUA agenda today; New disaster relief guide available as CUs face wildfires, hurricanes



NAFCU TODAY | The News You Need Daily.

September 17, 2020



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NAFCU, FASB discuss CECL implementation, address CU concerns [ [link removed] ]
NAFCU President and CEO Dan Berger met with Financial Accounting Standards Board (FASB) Chair Rich Jones and Board Member Sue Cosper Wednesday to reiterate NAFCU's call for an industry-wide exemption from the current expected credit loss (CECL) accounting standard – which will go into effect for credit unions in 2023 – and discuss potential negative impacts on credit union capital and net worth classifications.


Today: NCUA Board to finalize rule on real estate appraisals, BSA exemption [ [link removed] ]
The NCUA Board today is expected to issue a final rule related to real estate appraisals and consider an exemption under the Bank Secrecy Act's (BSA) customer identification program (CIP). The board, during its first meeting since July, is also set to receive an update on the National Credit Union Share Insurance Fund (NCUSIF) and the Modern Examination and Risk Identification Tool (MERIT).


NAFCU updates disaster resources as CUs face wildfires, hurricanes [ [link removed] ]
Credit unions across the country are currently facing several natural disaster threats – from wildfires along the West Coast to Hurricane Sally in the Gulf Coast. To ensure the industry has the resources needed to prepare for disasters and recover effectively, NAFCU has updated its disaster resources webpage.






NAFCU-sought E-SIGN bill advances to Senate; Calabria defends GSE refinance fee [ [link removed] ]
NAFCU's award-winning advocacy team monitored a pair of congressional committee meetings Wednesday on key credit union issues: A markup in the Senate Commerce Committee, which included a NAFCU-sought bill to modernize the E-SIGN Act, and a full House Financial Services Committee review of the Federal Housing Finance Agency's (FHFA) policy efforts amid the coronavirus pandemic.


Fed expects to keep rates low for extended period, points to slow recovery [ [link removed] ]
As the U.S. economy begins to recover from the effects of the coronavirus pandemic, the Federal Open Market Committee (FOMC) Wednesday maintained the federal funds target rate at its current range of 0 to 0.25 percent. The committee indicated it plans to maintain this range until "labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time."


Deadline extended: Offer feedback directly to the Fed via NAFCU survey [ [link removed] ]
Credit unions have until Friday to submit feedback via NAFCU's annual survey on key issues, including lending and liquidity conditions and the current regulatory landscape. The results of the survey will be used to highlight the state of the credit union industry in the association's Annual Report on Credit Unions and will be shared directly with the Federal Reserve during an annual meeting in December.


Retail sales to be somewhat flat through 2020, says NAFCU [ [link removed] ]
Retail sales showed a small recovery in August and rose 0.6 percent, following a revised 0.9 percent rise in July and an 8.6 percent increase in June. NAFCU's Curt Long stated that, although retail sales growth continued to grow in August and is now up a "respectable" 2.5 percent from a year prior, concerns remain.



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