Also: Harper talks SIF management, third-party vendor authority, more; NAFCU, trades oppose bills to remove arbitration
NAFCU TODAY | The News You Need Daily.
May 20, 2021
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NAFCU engaged as NCUA Board meets, FASB hosts CECL roundtable [ [link removed] ]
Today, the NCUA Board is set to issue a final rule on derivatives and will receive its quarterly briefing on the National Credit Union Share Insurance Fund (NCUSIF). Also on the agenda, the board will issue a request for comment regarding the NCUSIF's normal operating level (NOL) policy. In addition, the Financial Accounting Standards Board (FASB) today is hosting a roundtable on the current expected credit loss (CECL) standard.
Harper argues for third-party vendor authority, NCUSIF changes [ [link removed] ]
NCUA Chairman Todd Harper testified before the House Financial Services Committee Wednesday, providing lawmakers with an update on the state of the credit union industry and the agency's priorities. Ahead of the hearing, NAFCU shared its concerns about proposals looking to provide the NCUA with supervisory authority over third-party vendors and change how the agency manages the National Credit Union Share Insurance Fund (NCUSIF).
NAFCU, trades advise against removing arbitration protections [ [link removed] ]
NAFCU joined with several other trade associations spanning various industries this week to urge lawmakers to oppose legislation that could hurt consumers, small businesses, and employees by removing arbitration provisions in private contracts.
FOMC minutes reveal inflation discussion [ [link removed] ]
Minutes from the Federal Open Market Committee's (FOMC) April videoconference meeting indicated that amid progress on vaccinations and strong policy support, indicators of economic activity and employment have strengthened. The sectors most adversely affected by the pandemic remained weak but had shown improvement. Inflation has risen, but largely reflecting transitory factors.
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