Also: FASB talks CECL delay, corrections next week; CU training requirements in new Compliance Monitor



NAFCU TODAY | The News You Need Daily.

September 13, 2019



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Rules on PALs, bylaws and supervisory committee audits on NCUA agenda [ [link removed] ]
The NCUA Board next week is set to issue three final rules: payday alternative loans (PALs), federal credit union bylaws, and supervisory committee audits. The board will also receive an update on the share insurance fund.


CECL delay, corrections on FASB agendas [ [link removed] ]
The Financial Accounting Standards Board (FASB) holds a number of meetings next week with the current expected credit loss (CECL) standard on the agendas. Among the issues are the board's proposed effective date delay – which would push credit unions' compliance deadline to January 2023 – and technical corrections.


Compliance Monitor highlights CU training requirements [ [link removed] ]
The latest edition of NAFCU's Compliance Monitor features an in-depth list of credit union training requirements broken down by regulation and type of training. The Monitor – a free, member-only benefit – is now available in a new digital format.






Visions FCU's Shermot wins 2019 Paul Revere Award [ [link removed] ]
Visions Federal Credit Union's Director of Government Affairs Patricia Shermot received NAFCU's 2019 Paul Revere Award at the association's annual Congressional Caucus. The Paul Revere Award recognizes a NAFCU-member credit union advocate who goes to great lengths in his or her grassroots and political efforts.


Ways to strengthen BSA/AML compliance explored at event [ [link removed] ]
Rep. Carolyn Maloney, D-N.Y., touted benefits of her bill that would help financial institutions comply with the Financial Crimes Enforcement Network's (FinCEN) customer due diligence (CDD) rule at a NAFCU-attended event hosted by the Brookings Institute this week. The event also featured a panel of experts who discussed a number of Bank Secrecy Act (BSA)/anti-money laundering (AML) issues.


Loan growth, ROA among trends detailed in new NAFCU report [ [link removed] ]
Credit unions are focused on providing loans to small businesses, according to NAFCU's second-quarter CU Industry Trends report. However, overall loan growth has weakened considerably since mid-2018.


Core CPI sees major growth; rate cut still expected [ [link removed] ]
​​​​​​​August's core consumer price index (CPI) saw its largest year-over-year growth – at 2.4 percent – since 2008, according to data from the Bureau of Labor Statistics. NAFCU Chief Economist and Vice President of Research Curt Long noted that core CPI removes food and energy components, which tend to be more volatile, and attributed its growth to an increase in health care costs.



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