Also: BSA/AML improvements for regulators focus of GAO report; CU data shows weakening loan growth
NAFCU TODAY | The News You Need Daily.
December 17, 2019
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NAFCU to NCUA: More guidance needed to alleviate CECL burdens [ [link removed] ]
Commenting on federal financial regulators' proposed interagency policy statement for the current expected credit loss (CECL) standard, NAFCU's Andrew Morris said the proposal "does little to alleviate the future cost, disruption, and uncertainty associated with the most significant accounting change in decades."
GAO report outlines BSA/AML recommendations for regulators [ [link removed] ]
The U.S. Government Accountability Office (GAO), in response to money transmitters reporting losing access to banking services, recently published a report on the causes and effects of de-risking by financial institutions. The report highlights a number of terminations and limitations related to managing the Bank Secrecy Act (BSA)/anti-money laundering (AML) regime, including suspicious activity report (SAR) filings.
New NAFCU report shows weakening loan growth [ [link removed] ]
Credit unions have stronger loan growth than banks, though the margin is narrowing, according to NAFCU's third-quarter CU Industry Trends report. The report also noted a weakening in loan growth, which is now below share growth for the first time since early 2013.
Congress to vote on funding, NDAA [ [link removed] ]
Lawmakers in the House today are expected to pass a bipartisan spending package to avert a government shutdown and provide funding through the rest of fiscal year 2020. Additionally, following months of conversation, the Senate is set to vote on the FY2020 National Defense Authorization Act (NDAA) conference report this week, which was passed by the House last week.
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