NAFCU
defends CU tax exemption amid ongoing attacks
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
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
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.
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HMDA,
innovation, more discussed during CFPB hearing
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
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
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
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.
