CUNA Chief Advocacy Officer Ryan Donovan highlighted NCUA Chairman Rodney Hood’s engagement on several CUNA priorities in letters to the Financial Accounting Standards Board (FASB) and Sen. Mike Crapo (R-Idaho), chairman of the Senate Banking Committee for this week's Advocacy Update video.
Hood called on FASB to exempt credit unions from the current expected credit loss (CECL) standard and encouraged Crapo and his colleagues to take actions to reduce credit union regulatory burdens, particularly during the coronavirus disease (COVID-19) pandemic.
"Each of these items are issues on which CUNA and the Leagues have advocated," Donovan said. “We appreciate NCUA listening to the case that we’ve made in taking this action, and hope Congress and FASB will follow through as well."
The Senate is in session this week, and work has resumed on the fourth phase of COVID-19 relief legislation. CUNA President/CEO Jim Nussle participated in a call with House Financial Services Committee leaders last week as part of this process.
“We have been working very closely with Congress on Phase 4 stimulus priories for the last several weeks,” Donovan said.
The House is expected to return next week.
Donovan also reminded credit unions to make sure they fill out CUNA’s COVID-19 survey (including updated products or offerings for credit unions that filled it out previously), as it’s the best way CUNA can take what’s happening across the country and translate it to policymakers.
The survey can be found on the CUNA/American Association of Credit Union Leagues COVID-19 Response Center.