ABA asks appeals court to rehear FOM case
The American Bankers Association (ABA) has filed a petition with the U.S. Court of Appeals for the D.C. Circuit for an en banc rehearing of its lawsuit challenging the NCUA's 2016 field of membership (FOM) rule. The appeals court three-judge panel decision in August was largely in favor of the NCUA on key issues in the lawsuit.

Treasury proposes rule to smooth LIBOR transition
The Treasury Department has proposed a rule intended to smooth the transition away from the London Interbank Offered Rate (LIBOR) by addressing potential tax consequences. The proposal comes as a number of Federal Reserve members have warned about financial stability risks due to the transition.

NCUA's McWatters clarifies CECL developments
At NAFCU's Congressional Caucus last month, NCUA Board Chairman Rodney Hood announced that the agency has the authority to phase in the Financial Accounting Standards Board's (FASB) current expected credit loss (CECL) standard. NCUA Board Member J. Mark McWatters – in a new op-ed – provides further clarifications to this and other recent developments that will help credit unions in their CECL transition.

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ECU Monitor: Insights into economic strengths, risks
The new edition of NAFCU's Economic & CU Monitor report – now available for download – provides insights into economic strengths, including the labor market and consumer spending, as well as risks to watch that could lead to a recession. In addition, the Monitor features a discussion of the Treasury yield curve.

Growth strategies headline MLI
NAFCU's sold-out Management and Leadership Institute (MLI) continues in San Antonio today with sessions devoted to various growth strategies related to innovation, marketing, data, and lending. MLI provides up-and-coming credit union leaders the opportunity to learn effective leadership skills from the industry's top executives and experts, as well as ways to grow their credit union.

Consumer credit continues to rise in August
Total consumer credit rose 5.2 percent in August (seasonally-adjusted, annualized) and is up 5 percent versus a year ago. NAFCU Chief Economist and Vice President of Research Curt Long credited these results to "strong growth in the non-revolving credit-sector."