Also: NAFCU, trades meet with Calabria on GSE reform; Public unit and nonmember shares, FOM on NCUA agenda
NAFCU TODAY | The News You Need Daily.
October 18, 2019
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Following CECL delay, regulators seek comment on policy [ [link removed] ]
Federal financial regulators, including the NCUA, have issued a proposed interagency policy statement to account for changes made by the Financial Accounting Standards Board (FASB) to its current expected credit loss (CECL) standard. After years of NAFCU advocacy seeking an exemption or delay for credit unions, FASB approved a delay of the standard that will push compliance to 2023 for credit unions.
NAFCU, FHFA's Calabria discuss GSEs, volume-based pricing [ [link removed] ]
NAFCU Director of Regulatory Affairs Ann Kossachev met yesterday with Federal Housing Finance Agency (FHFA) Director Dr. Mark Calabria for a joint trades meeting to discuss issues related to housing finance reform plans, including ways to preserve access for credit unions to the secondary market through the government-sponsored enterprises (GSEs). Last month, the White House released finalized plans from the Treasury Department and Department of Housing and Urban Development to reform the housing finance system.
NCUA Board to discuss public unit and nonmember shares, FOM [ [link removed] ]
The NCUA Board next week is set to issue a final rule on public unit and nonmember shares, and a notice of public rulemaking on chartering and field of membership (FOM). The board will also receive a briefing on cybersecurity; October is National Cybersecurity Awareness Month and the agency provided credit unions with resources to stay vigilant.
NAFCU's Thaler reiterates need for cybersecurity improvements, national data security standard [ [link removed] ]
Ahead of today's House Financial Services Task Force on Artificial Intelligence hearing to evaluate cloud computing – including how financial data is stored, protected, and maintained – NAFCU Vice President of Legislative Affairs Brad Thaler reiterated NAFCU's support for strong cybersecurity measures and renewed its call for a legislative solution to reform the nation's data security system.
Kraninger provides insights into innovation, rulemakings [ [link removed] ]
CFPB Director Kathy Kraninger testified before the Senate Banking Committee Thursday and provided lawmakers with insights into the bureau's ongoing efforts related to consumer protection and education, innovation, and more.
NAFCU: CUs committed to diversity, inclusion [ [link removed] ]
A House Financial Services subcommittee hearing Thursday touted the economic benefits communities, businesses, and individuals experience when diversity and inclusion practices are prioritized. Ahead of the hearing, NAFCU's Brad Thaler shared with lawmakers credit unions' commitment to increase diversity, equity, and inclusion within the U.S. economy.
Explore CECL, liquidity, more at NAFCU's CFO Summit [ [link removed] ]
Credit union CFOs wanting to strengthen their understanding of economic and regulatory trends that impact institutions' operations should look no further than NAFCU's strategically designed Credit Union CFO Summit happening Dec. 11-12 in Huntington Beach, Calif. Register by 11:59 p.m. Eastern tonight to save $200 with code CFOSAVINGS.
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