Rules
on PALs, bylaws and supervisory committee audits on NCUA agenda
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
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
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.
NAFCU's 2019 Credit Union Compliance GPS
Get
updates on S.2155, Field of Membership, Privacy and more!
Visions
FCU's Shermot wins 2019 Paul Revere Award
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
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
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
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.
