Lawmakers
talk CECL's negative impacts, lack of understanding at hearing
Several lawmakers flagged the potential economic consequences of the current expected
credit loss (CECL) standard and criticized the lack of understanding about its
impact during a House Financial Services Subcommittee on Investor Protection,
Entrepreneurship, and Capital Markets hearing Wednesday featuring Financial Accounting
Standards Board (FASB) Chairman Russell Golden.
Compliance
Blog reviews CFPB supervisory report findings
In a new post on the
Compliance Blog, NAFCU Regulatory Compliance Counsel Reginald Watson discusses
the CFPB's recently released Fall 2019 Supervisory Highlights, which feature
supervisory observations from recent examinations.
NCUA's
Hood gives updates on data privacy, BSA/AML
NAFCU Government Affairs
staff attended an event yesterday during which NCUA Chairman Rodney Hood shared
updates on several issues, including data privacy, regulatory relief, consumer protection, and fintech.
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NAFCU Strategic Growth Conference
Beige
Book: 2019 ends with 'modest' economic expansion
The Federal
Reserve's Beige Book released Wednesday revealed the economy expanded modestly
in the final weeks of 2019, which was likely supported by "solid" holiday
shopping. Several districts highlighted the importance of online shopping during this time.
CPI
sees growth; No rate changes expected
On a seasonally adjusted basis,
overall consumer prices increased 0.2 percent in December following a 0.3 percent
rise in November. NAFCU's Curt Long, in a new Macro Data Flash report,
attributed the growth mainly to increased energy, medical care, and shelter prices.
