This week: NAFCU engaged in CECL discussions, NCUA votes, HFSC markup
A number of credit union priorities are set to be discussed in Washington this week: the Financial Accounting Standards Board (FASB) holds meetings with the current expected credit loss (CECL) standard on the agendas, the NCUA Board is set to finalize three rules – including one to expand its payday alternative loans (PALs) program – and the House Financial Services Committee will markup a dozen bills.

NAFCU, U.S Chamber-led coalition urge CCPA delay
NAFCU – in a joint letter with the United States Chamber of Commerce and other organizations representing every sector of the American economy – urged the California Governor, Attorney General, and members of the California state senate and assembly to delay the effective date of the California Consumer Privacy Act (CCPA) by two years. The CCPA was signed into law June 28, 2018.

NCUA grants $1.9M to low-income CUs; NAFCU urges continued funding
The NCUA awarded grants totaling $1.9 million to 155 low-income credit unions through the Community Development Revolving Loan Fund (CDRLF), the agency announced Friday. NAFCU consistently urges Congress to fully fund the CDRLF and the Treasury's Community Development Financial Institutions (CDFI) Fund to ensure credit unions can continue to provide financial stability for low-income members and their families.

NAFCU's Credit Union Compliance 101 manual
Review practicable methods for honing your compliance research and writing skills

Fed's Bowman confirmed to full term
Michelle Bowman was confirmed by the Senate last week to a full, 14-year term on the Federal Reserve's Board of Governors. She was confirmed in November for a term that was set to expire Jan. 31. NAFCU and its Board of Directors are set to meet with Bowman later this year to review the association's Annual Report on Credit Unions.

Strong auto sales fuel otherwise flat retail sales
Total retail sales saw strong growth in August due in large part to auto sales, according a new NAFCU Macro Data Flash report. Despite sales growth remaining largely flat in other segments, core sales have shown solid growth through the first eight months of 2019, advancing 5.8 percent.