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A number of issues critical to credit unions' operations are set for discussions in Washington this week: A House Financial Services subcommittee will discuss the potential impact of the current expected credit loss (CECL) accounting standard, and the Federal Communications Commission (FCC) will consider a rulemaking to create a NAFCU-sought single, reassigned numbers database to aid in the elimination of illegal robocalls.

In addition, the NCUA Board will meet Thursday and is set to discuss regulatory relief efforts and blockchain technology (read more here), and NAFCU will hold its final member call-in of the year Wednesday to give credit unions a look-ahead to 2019 legislative and regulatory priorities (see what's on the agenda here).

CECL

Tomorrow, the House Financial Services Subcommittee on Financial Institutions and Consumer Credits will hear from a panel of experts on how companies will be affected by the Financial Accounting Standards Board's (FASB) CECL standard. Sharing credit unions' implementation concerns with FASB, NAFCU has worked to obtain certain changes and more guidance on the standard.

Recently, FASB issued a final update to clarify the effective date for its CECL standard, making clear that credit unions would not need to begin reporting data on call reports until the beginning of 2022. The update also clarifies that operating lease receivables are not covered within the scope of CECL – a clarification welcomed by NAFCU.

Credit unions' concerns related to CECL were discussed during a recent meeting between the NAFCU Board and Federal Reserve Vice Chairman of Supervision Randal Quarles.

NAFCU will attend tomorrow's hearing, set to begin at 2 p.m. Eastern, and keep credit unions updated on the discussion.

Reassigned Numbers Database

Wednesday, NAFCU will attend the FCC's meeting, during which it is set to move forward with a rulemaking to create a reassigned numbers database. NAFCU has voiced its support for the creation of a reassigned numbers database since last year.

NAFCU has actively worked with the FCC over the past three years to obtain more clarity and flexibility under the Telephone Consumer Protection Act (TCPA) so credit unions can contact their members without fear of breaking the law.

Most recently, NAFCU has raised concerns over mixed court decisions on the FCC's definition of autodialer. The association has called for the FCC to take a narrower approach to defining an automatic telephone dialing system (ATDS).

Also happening this week:

• The House and Senate are expected to continue work on government funding legislation, including the financial services and general government (FSGG) appropriations measure. Last week, the chambers averted a partial government shutdown by passing a two-week stopgap funding bill, which was subsequently signed by the president. The House may also continue its work on year-end tax legislation.

• Tomorrow, the Senate Banking Committee will hold an oversight hearing of the Securities and Exchange Commission (SEC).

• Tomorrow, the House Financial Services Committee will hold a hearing on the nation's debt.

• Wednesday, a House Financial Services subcommittee will hold a hearing on international financial institutions.

• Wednesday, the House Education and Workforce Committee will discuss the impacts of a mandatory $15 minimum wage on workers and small businesses.
• NAFCU is offering a webinar tomorrow on business continuity planning.