Also: FASB approves CECL delay; Determine impact, liability under disparate impact rule



NAFCU TODAY | The News You Need Daily.

October 17, 2019



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NAFCU defends CU tax exemption amid ongoing attacks [ [link removed] ]
Responding to the ongoing attacks from bankers and their allies, including a newly released paper that calls for the repeal of the credit union tax exemption, NAFCU Vice President of Legislative Affairs Brad Thaler touted the economic benefits of the tax exemption in a message to lawmakers on Capitol Hill yesterday.


FASB approves CECL delay [ [link removed] ]
The Financial Accounting Standards Board (FASB) yesterday approved the drafting of a final accounting standards update to delay the current expected credit loss (CECL) standard by an additional year, which will push back the implementation date until 2023 for not-for-profits, including credit unions. NAFCU supports the delay and continues to share its concerns regarding the potential negative implications the standard could have on the credit union industry.


Disparate impact rule covered in new Compliance Monitor [ [link removed] ]
The latest edition of NAFCU's Compliance Monitor features an in-depth breakdown of the Department of Housing and Urban Development's (HUD) disparate impact rule under the Fair Housing Act (FHA). The Monitor – a free, member-only benefit – is now available in NAFCU's new digital format.






HMDA, innovation, more discussed during CFPB hearing [ [link removed] ]
CFPB Director Kathy Kraninger addressed a number of key issues affecting credit unions – including the Home Mortgage Disclosure Act (HMDA), innovation, qualified mortgage (QM) patch, and more – during her testimony before the House Financial Services Committee Wednesday.


NAFCU meets with FinCEN on S. 2155 implementation, BSA Reform [ [link removed] ]
NAFCU Director of Regulatory Affairs Ann Kossachev and Regulatory Affairs Counsel Kaley Schafer met yesterday with members of the Financial Crimes Enforcement Network's (FinCEN) Office of Regulatory Policy to discuss issues related S. 2155 implementation and the Bank Secrecy Act/anti-money laundering (BSA/AML) regime.


Beige Book: Economy slows in September; rate cut expected [ [link removed] ]
The Federal Reserve's new Beige Book revealed the economy expanded only slightly in September following modest growth in August. Tariffs and trade tensions were among reasons cited for drags on the economy.


6-month retail sales growth streak snapped [ [link removed] ]
Total retail sales fell 0.3 percent in September, ending six consecutive months of sturdy growth. NAFCU Chief Economist and Vice President of Research Curt Long reacted to the "weaker" September reading and what it means for the economy in a new NAFCU Macro Data Flash report. 



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