More than 60 Illinois credit unions participated in CU Kind Day Oct. 14, a day of service launched by the Illinois Credit Union League. The day featured more than 2,400 credit union volunteers impacting more than 20,000 individuals throughout the state.
CUNA has several concerns with draft legislation that would grant NCUA direct supervisory authority over third party vendors and credit union service organizations, it wrote to leadership of the House Financial Services Task Force on Financial Technology.
NCUA, along with other federal financial regulators, issued a request for comment on a proposed interagency policy statement promote consistency in the interpretation of the credit losses accounting standard, which introduces the CECL methodology.
The NCUA board will vote on a final public unit and non-member shares rule, and issue a notice of public rulemaking on chartering and field of membership at its Oct. 24 meeting. The board will also hear a briefing on cybersecurity.
A bipartisan commission leading the CFPB, as proposed by President Barack Obama and Sen. Elizabeth Warren (D-Mass.), is essential to preserving the CFPB’s independence, CUNA wrote to the Senate Banking Committee.
As policymakers seek to patch several cybersecurity policy holes, CUNA anticipates that legislation will be put forth that would extend to NCUA the authority to oversee CUSOs and other third party vendors, and expand credit unions’ ability to invest in CUSOs.
The CFPB should eliminate data points required by its 2015 HMDA rule but not required by Dodd-Frank, as CUNA believes any benefits obtained from the data points added by the 2015 rule will not outweigh the cost and burden to credit unions.
CUNA and the World Council of Credit Unions Wednesday called on House and Senate appropriators to increase funding for the USAID's Cooperative Development Program (CDP) to $17 million for FY2020, up from the previous year’s $12 million.
FASB agreed to delay the CECL standard until January 2023 Wednesday. CUNA supports the delay, but continues to have concerns about CECL, both its effects on credit unions' financial standing and the compliance challenges.
Your Money Further will conduct a Twitter chat Thursday in recognition of International Credit Union Day. The Twitter account @moneyfurther will be inviting users to use the hashtag #MyCUWhy to foster engagement.
The CFPB's execution of its regulatory agenda should ensure credit unions are able to provide efficient, safe and affordable products and services, CUNA wrote in advance of director Kathy Kraninger's House Financial Services Committee testimony.