NAFCU endorses proposed CECL delay, asks for capital relief
In a letter to the Financial Accounting Standards Board (FASB), NAFCU President and CEO Dan Berger offered the association's support for delaying the implementation deadline of the current expected credit loss (CECL) standard and other major standards, as doing so "will help mitigate the challenges credit unions face as they prepare to adopt" the standards.

NCUA offers supervisory guidance on secondary capital plans
The NCUA Monday released a supervisory letter that it provided to field staff related to low-income-designated credit unions' (LICUs) ability to offer secondary capital accounts.

NAFCU to CFPB: Adopt viable alternatives to ATR/QM patch
NAFCU's Kaley Schafer – in response to the CFPB's advance notice of proposed rulemaking to revise the General QM definition in light of the possible Ability to Repay/Qualified Mortgage (QM) patch expiration – urged the CFPB to adopt viable alternatives that allow credit unions "the same protections and benefits, including access to the secondary market, and the ability to provide credit for their members" if the CFPB decides not to extend the patch.

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NAFCU seeks full funding for CU programs
NAFCU's Janelle Relfe highlighted the important role the Community Development Revolving Loan Fund (CDRLF) and the Community Development Financial Institutions (CDFI) Fund play in helping "promote access to capital and local economic growth in low-income communities" to the Senate Appropriations Subcommittee on Financial Services and General Government (FSGG) as it considers 2020 funding.

Rate cut expected as FOMC meets
The Federal Open Market Committee (FOMC) is expected to cut rates at the conclusion of its two-day policy-setting meeting, which begins today. NAFCU Chief Economist and Vice President of Research Curt Long anticipates another rate cut due to comments made by committee members at their annual retreat last month and in the last meeting minutes.

More info on NCUA's rules in Compliance Blog
The NCUA Board is set to vote to finalize three rules during its meeting Thursday – related to supervisory committee audits, federal credit union bylaws, and payday alternative loans (PALs) – and a new post on the NAFCU Compliance Blog breaks down what proposals entail.

NCUA announces last chance to qualify for streamlined CDFI application in 2019
The NCUA Monday announced that federally-insured, low-income credit unions that wish to become certified Community Development Financial Institutions (CDFI) have until Oct. 5 to apply using the agency's streamlined qualification process. According to the agency, this will be the final opportunity for credit unions to take advantage of the streamlined process in 2019.