Also: GSEs' strategic plan prepares for end of conservatorship; Resources available on BEC scams



NAFCU TODAY | The News You Need Daily.

October 29, 2019



----------

----------

CECL: What concerns do CUs have with proposed guidance, expectations? [ [link removed] ]
In a Regulatory Alert, NAFCU outlines the proposed interagency policy statement related to the current expected credit loss (CECL) standard, specifically seeking feedback on supervisory expectations, and the proposed guidance on credit risk review systems.


FHFA releases GSEs' strategic plan, scorecard [ [link removed] ]
The Federal Housing Finance Agency (FHFA) Monday announced a strategic plan that provides a framework for how the agency will prepare the government-sponsored enterprises (GSEs) – Fannie Mae and Freddie Mac – to be released from conservatorship. The agency also released a scorecard that will be used to hold the GSEs accountable for implementing the strategic plan.


Email fraud trends, resources covered in Compliance Blog [ [link removed] ]
As the FBI alerts companies to the cost of business email compromise (BEC) scams – the bureau indicated in a public service announcement based on self-reported victim complaints that $26 billion has been lost in the past three years as a result of these schemes – NAFCU Regulatory Paralegal Shari Pogach provides credit unions with more details on BEC trends and resources in a new NAFCU Compliance Blog post.






House passes bills aimed at inclusion, BSA/AML relief [ [link removed] ]
The House Monday passed two NAFCU-supported bills related to financial inclusion and the Bank Secrecy Act (BSA)/anti-money laundering (AML) regime: The Financial Inclusion in Banking Act (H.R. 4067), and the COUNTER Act (H.R. 2514) as a standalone bill.


HUD, DOJ reach deal on mortgage-lending error penalties [ [link removed] ]
Department of Housing and Urban Development (HUD) Secretary Ben Carson announced Monday that the agency has reached an agreement with the Department of Justice (DOJ) to clarify and reduce penalties for underwriting errors on mortgage loans made through the Federal Housing Administration (FHA).


NAFCU expects rate cut as FOMC begins 2-day meeting [ [link removed] ]
The Federal Open Market Committee (FOMC) begins its two-day monetary-policy setting meeting today, which NAFCU Chief Economist and Vice President of Research Curt Long anticipates will end a 25 basis point rate cut. The federal funds target rate is currently set at a range of 1.75 to 2 percent following two rate cuts so far this year.


How are CUs impacted by exams? [ [link removed] ]
Following NCUA Board Chairman Rodney Hood's announcement of coordinated efforts with state regulators to modernize the supervisory system, NAFCU is seeking insight into how credit unions prepare for examinations. Association-member credit unions can provide their feedback through this month's Economic & CU Monitor survey; responses are due Friday.



----------



----------






----------
NAFCU Calendar: [link removed]





----------








--------------------------------------------

JOIN THE CONVERSATION:
LINKEDIN: [link removed]
FACEBOOK: [link removed]
TWITTER: [link removed]
YOUTUBE: [link removed]
BLOGS: [link removed] ]
---------------------------------------------
Send feedback [ mailto:[email protected] ]
Subscribe now to NAFCU Today [ [link removed] ]
Opt out of NAFCU Today