Continuing the momentum built by NAFCU’s advocacy last session, the House Monday passed the Credit Union Board Modernization Act (CUBMA), which reduces the minimum number of monthly meetings credit union boards are required to hold from 12 to six. The legislation now heads to the Senate for consideration.
The NCUA yesterday updated the frequently asked questions for both the current expected credit loss (CECL) standard and the simplified CECL tool that the agency released in September. The updates provide more clarity on CECL and the simplified tool, including information on precedents for establishing a fiscal year to be other than a calendar year, negative loss rates, monthly use of the tool, and more. The tool is intended to help credit unions comply with the Financial Accounting Standards Board’s CECL accounting standard.
The Federal Open Market Committee (FOMC) – the Fed’s monetary-policy setting arm – begins its first meeting of 2023 today and is expected to raise rates another 25 basis points.
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