NAFCU
engaged as NCUA Board meets, FASB hosts CECL roundtable
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
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
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.
Congratulations
to the 2021 Innovation Award Finalists
The Innovation Awards honor
the transformational & valuable contributions to the credit union industry.
FOMC
minutes reveal inflation discussion
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.
