The CFPB released its Winter 2017 Supervisory Highlights recently, detailing issues currently on the bureau’s radar, as well as enforcement trends credit unions should be mindful of, most notably UDAAP in auto loan servicing, mortgage servicing and deposits.
The NCUA, along with other federal financial regulators, has posted a FAQ document on the CECL standard. CUNA has called on NCUA to provide credit unions with resources on CECL to aid in implementation.
FASB has officially issued an update to its CECL standard, delaying implementation for credit unions for fiscal years beginning after December 2021. CUNA strongly pushed for the delay for help credit unions come into compliance.