FASB
to consider finalizing CECL delay
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
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
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.
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Reg
agenda, HMDA on CUAC's fall meeting agenda
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
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
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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