Vice President Kamala Harris and Treasury Secretary Janet Yellen, along with House Financial Services Committee Chairwoman Maxine Waters, D-Calif., and Senator Mark Warner, D-Va., on Wednesday announced that the Biden-Harris Administration has made $8.28 billion of investments through the Emergency Capital Investment Program (ECIP) to benefit community development financial institutions (CDFIs) and minority depository institutions (MDIs).
NAFCU Regulatory Affairs Counsel James Akin wrote to NCUA Acting Chief Accountant Chris McGrath, urging the agency to provide additional clarity and guidance regarding the recently-introduced simplified current expected credit losses (CECL) tool. The NCUA created the NAFCU-supported tool to “help small credit unions comply with the Financial Accounting Standards Board’s accounting standard on CECL, which goes into effect for most credit unions at the start of 2023.”
The NCUA Board meets today to receive a briefing on the Share Insurance Fund (SIF) Quarterly Report, in addition to updates on two proposed rules: subordinated debt and member expulsion in the federal credit union bylaws, of which the latter implements the changes made by the Credit Union Governance Modernization Act (CUGMA). The meeting, scheduled to begin at 10 a.m. Eastern, will be available via livestream on the agency’s website.
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NAFCU Senior Vice President of Government Affairs Greg Mesack wrote to the Senate Banking Committee prior to their hearing titled “Annual Oversight of the Nation’s Largest Banks.”
The Federal Open Market Committee (FOMC) yesterday raised the federal funds rate by 75 basis points to a range of 3 to 3.25 percent. The committee noted in their report that spending, production, job growth, and employment levels have remained resilient, but they stated that the FOMC will continue to monitor the situation.
Existing home sales declined by 0.4 percent in August to a seasonally-adjusted annualized rate of 4.8 million units. This represents a 19.9 percent decrease in sales compared to last year. NAFCU Chief Economist and Vice President of Research Curt Long analyzes the data in the latest Macro Data Flash report.
As credit unions work to meet the needs of more than 133 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog, published every Monday and Wednesday.
