CECL:
What concerns do CUs have with proposed guidance, expectations?
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
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
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.
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House
passes bills aimed at inclusion, BSA/AML relief
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
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
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?
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.
