NAFCU,
FASB discuss CECL implementation, address CU concerns
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
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
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's Credit Union Compliance Roadmap
is now available!
NAFCU's Credit Union Compliance GPS is now the
Credit Union Compliance Roadmap. Download a sneak peek today!
NAFCU-sought
E-SIGN bill advances to Senate; Calabria defends GSE refinance fee
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
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
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
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.
