The NCUA Board will vote on two final rules, the Current Expected Credit Loss (CECL) methodology and capitalization of interest, at its June 24 meeting. CUNA requested the agency move quickly to finalize both rules in a letter sent last month.
The FCC announced a beta test period for credit unions to access its Reassigned Numbers Database for free from July 1 through Sept. 30. Participation will enable callers and caller agents to understand usage needs prior to signing up for a paid subscription.
The CFPB issued an interpretive rule Wednesday that explains the basis for its authority to examine supervised financial institutions for compliance with the MLA, reversing the agency’s previous position in 2018 that it did not have such authority.
Vice President Kamala Harris praised community lenders and announced a $1.25 billion program for Community Development Financial Institutions Tuesday. The Rapid Recovery Program was passed as part of December’s COVID relief legislation.
Both chambers of Congress are in session this week, as the House will consider several bills and the Senate will resume judicial nominations. CUNA will be engaged with several hearings this week, including ones on the administration’s fiscal year 2022 budget proposal.
CUNA filed comments Friday with FinCEN and NCUA regarding the use of the Model Risk Management Guidance for BSA/AML compliance. NCUA has not adopted the guidance to date, so it does not explicitly apply to federally insured credit unions.
As state legislative sessions wind down around the country, Leagues have seen multiple legislative wins, both in getting pro-credit union bills passed and stopping bills that would negatively impact credit unions.
CUNA wrote in support of NCUA’s Interim Final Rule on Prompt Corrective Action relief Friday, and reiterated the CUNA-League request that NCUA provide additional PCA flexibility by temporarily excluding certain assets from the net worth ratio.
CUNA Chief Economist Mike Schenk interviews CUNA Vice President of DEI CUNA Samira Salem in this month’s Economic Update video, on the latest trend of women holding a significantly higher percentage of executive leadership positions in credit unions than in the banking industry.
The tax reporting changes in President Joe Biden's FY22 budget proposal will result in real costs for government, financial institutions, small businesses, and individual taxpayers. Strengthening IRS funding and overhauling outdated technology is a much more effective approach to closing the tax gap.