Following
CECL delay, regulators seek comment on policy
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
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
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.
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NAFCU's
Thaler reiterates need for cybersecurity improvements, national data security standard
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
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
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.
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