CECL focus of NAFCU, NCUA meeting
NAFCU met with the NCUA's Office of Examination and Insurance Wednesday to discuss credit unions' concerns related to the Financial Accounting Standards Board's (FASB) current expected credit loss (CECL) standard. NAFCU is diligently working with regulators and lawmakers to obtain more guidance and relief for the industry.
NAFCU member credit unions and NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt, Vice President of Research and Chief Economist Curt Long, Director of Regulatory Affairs Ann Kossachev and Senior Counsel for Research and Policy Andrew Morris attended Wednesday's meeting.
During the meeting, NAFCU sought to better understand the NCUA's approach to CECL examination and resources available for credit unions. Last month, the NCUA joined with other financial regulators to release a CECL FAQ document that addresses a variety of implementation issues, including effective dates, methods, qualitative factors, third-party vendors, supervisory expectations and more. Access the document here.
NAFCU also stressed concerns about credit unions' unique capital framework, which limits the NCUA's ability to mitigate CECL's effect on institutions' net worth without action from FASB. Because of this, NAFCU has urged FASB to exempt credit unions from this standard, and more flexibility with CECL compliance is also among the association's priorities for the NCUA Board to address.
Also Wednesday, Rep. Blaine Luetkemeyer, R-Mo., questioned CECL's impact on credit unions and banks, which could negatively impact their ability to lend to consumers in need. Luetkemeyer raised those concerns during a House Financial Services subcommittee hearing on barriers to minority homeownership.
"We appreciate the NCUA's receptiveness to our concerns regarding the current CECL standard, and we look forward to having an open and robust dialogue with the agency," said NAFCU Director of Regulatory Affairs Ann Kossachev. "We continue to hear from our member credit unions on this issue and will work to ensure that the credit union industry's voice is heard."
The NCUA's recently released CECL Exam Questionnaire that the agency will be using during upcoming exams in 2019 can be accessed here. For more inside baseball and NAFCU’s detailed takeaways from the NCUA meeting, member CFOs can visit NAFCU's CFO forum. Read more about recent CECL developments and NAFCU's ongoing efforts to obtain more relief and guidance for credit unions here.
Add to Calendar 2019-11-14 14:00:00 2019-11-14 14:00:00 What’s New and What’s Next with NAFCU’s Regulatory Affairs Team Prepare your credit union for the evolving regulatory landscape. Hear firsthand from the experts what's new coming out of Washington with NAFCU's Regulatory Affairs team! They'll provide you with an update on recent developments at the Consumer Financial Protection Bureau (CFPB) and National Credit Union Administration (NCUA), as well as other regulators. The team will also touch on what's coming next, including anticipated rulemakings that will affect your credit union. Key Takeaways: Review the NCUA’s latest efforts to modernize the capital framework for credit unions Discuss the recent CECL delay and the NCUA’s potential phase-in of the new accounting standard Walk through administrative and legislative efforts to reform the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac Understand the potential impact of changes to the CFPB’s Qualified Mortgage definition and the expiration of the GSE Patch Learn how to participate in the recent innovation-related policies from the CFPB Register Now Registration is free for members, but you must register to attend.$395 Nonmembers (Additional $50 for CD) One registration gives your entire team access to the live webinar and on-demand recording until November 14, 2020Already registered? Go to the Online Training Center to view. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) NAFCU Certified Volunteer Experts (NCVE) Presidents, Chief Executive Officers Executive Vice Presidents Credit Union attorneys Credit Union counsels Board members and Board Chairs Compliance staff Risk staff Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar. NCRMs will receive 1.5 CEUs for participating in this webinar. NCVEs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Review the NCUA’s latest efforts to modernize the capital framework for credit unions. Discuss the recent CECL delay and the NCUA’s potential phase-in of the new accounting standard. Walk through administrative and legislative efforts to reform the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac. Understand the potential impact of changes to the CFPB’s Qualified Mortgage definition and the expiration of the GSE Patch. Learn how to participate in the recent innovation-related policies from the CFPB. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Regulatory Ethics - Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
Credits: NCCO, NCRM, NCVE, CPE
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