Also: HMDA reporting threshold extended; Impact of altered checks, breach of warranty on CUs



NAFCU TODAY | The News You Need Daily.

October 11, 2019



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FASB to consider finalizing CECL delay [ [link removed] ]
The Financial Accounting Standards Board (FASB) Wednesday is set to discuss its proposal to delay the current expected credit loss (CECL) standard by an additional year – until 2023 – for not-for-profits, including credit unions. Commenting on the proposal, NAFCU offered its support for the delay and reiterated the negative impacts the standard will likely have on credit unions.


CFPB extends HMDA reporting threshold [ [link removed] ]
The CFPB Thursday, in a NAFCU-supported move, extended the current temporary threshold of 500 for reporting open-end lines of credit under the Home Mortgage Disclosure Act (HMDA). The two-year extension seeks to provide relief to smaller institutions.


How altered checks, breach of warranty can affect CUs [ [link removed] ]
Transfer warranties and presentment warranties can affect the model Uniform Commercial Code's (UCC) allocation of loss rules for fraudulent and altered checks, writes NAFCU Regulatory Compliance Counsel David Park in a new Compliance Blog post.






Reg agenda, HMDA on CUAC's fall meeting agenda [ [link removed] ]
The CFPB's Credit Union Advisory Council (CUAC) will meet Oct. 23 to discuss issues facing the industry, including an overview of the CFPB's regulatory agenda, implementation and guidance concerns, and the Home Mortgage Disclosure Act (HMDA). The bureau recently announced new CUAC members, which include three from NAFCU-member credit unions.


NAFCU economist: 'Flat' inflation paves the way for further rate cuts [ [link removed] ]
On a seasonally adjusted basis, overall consumer prices were unchanged in September, with the Bureau of Labor Statistics reporting that the overall consumer price index (CPI) grew 1.8 percent over the 12-month period. NAFCU's Curt Long, in a new Macro Data Flash report, noted that although core PCE inflation "accelerated" to 1.8 percent in August it "remains below the FOMC's 2-percent target."


NAFCU closed Monday for Columbus Day [ [link removed] ]
NAFCU's offices will be closed Monday in observance of Columbus Day, but members will still have access to the association's website for resources and upcoming events. Here are a few recent developments to be aware of.



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NAFCU Calendar: [link removed]





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