CECL delay for CUs now official
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
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
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.
2019 Most Popular Member Resources
See the
list and more in our 2019 accomplishments.
CFPB
issues interpretive rule for S. 2155 mortgage licensing provision
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?
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
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
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."
