Also: NAFCU's Board in D.C. to advocate on CU issues with NCUA, Fed; Real estate appraisals proposal on NCUA agenda



NAFCU TODAY | The News You Need Daily.

November 18, 2019



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CECL delay for CUs now official [ [link removed] ]
The Financial Accounting Standards Board's (FASB) Accounting Standards Update (ASU) to delay the current expected credit loss (CECL) standard by an additional year has been published and is now official. As a result of the update, the implementation date for not-for-profits, including credit unions, is now 2023.


This week: NAFCU Board leads CU advocacy at NCUA, Fed [ [link removed] ]
The NAFCU Board of Directors is in Washington this week and is set to meet with NCUA Board Chairman Rodney Hood and Federal Reserve Board Governor Michelle Bowman to ensure credit union priorities and concerns are heard at the highest levels of government.


Real estate appraisals, second chance initiative on NCUA agenda [ [link removed] ]
The NCUA Board Thursday is set to issue a proposed rule on residential real estate appraisals and a final rule that would allow credit unions to more easily hire job candidates with minor criminal records. The board will also receive a briefing on the National Credit Union Share Insurance Fund (NCUSIF) quarterly report.






CFPB issues interpretive rule for S. 2155 mortgage licensing provision [ [link removed] ]
The CFPB last week issued an interpretive rule related to amendments made to the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) by the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155). The bureau in September issued FAQs to help financial institutions comply with the changes.


How do mergers impact escrowing of flood insurance? [ [link removed] ]
NAFCU's Loran Jackson, in a new Compliance Blog post, offers some guidance related to escrowing of flood insurance for credit unions that have recently gone through a merger. She specifically reviews the rules governing escrow requirements for institutions that once qualified for the small lender exception.


Retail sales rebound in October [ [link removed] ]
Total retail sales rose 0.3 percent in October, following a decline in September that ended six consecutive months of growth. NAFCU Chief Economist and Vice President of Research Curt Long reacted to the "mixed" rise in a new NAFCU Macro Data Flash report.


October sees weak auto sales despite lower interest rates [ [link removed] ]
Although total vehicle sales fell to 16.5 million annualized units in October from September's rate of 17.1 million – and were down 5.3 percent from a year ago – NAFCU Chief Economist and Vice President of Research Curt Long noted that "the auto market has remained remarkably stable since 2015."



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