August 27, 2018

This week: NAFCU monitoring Senate action on nominees, FASB meeting for CECL details

Capitol HillThe Senate remains in Washington again this week as the House wraps up its final week of August recess. Senators are expected to vote on a number of nominations, including Richard Clarida to the Federal Reserve Board of Governors. NAFCU is currently analyzing responses to its Federal Reserve survey, which will help prepare the association for its annual meeting with Fed staff later this year.

NAFCU will also maintain its award-winning advocacy efforts with lawmakers and regulators as other nominees, including Kathy Kraninger to lead the Bureau of Consumer Financial Protection and Rodney Hood to the NCUA Board, await confirmation and committee approval, respectively.

Wednesday, NAFCU regulatory affairs staff will monitor the Financial Accounting Standards Board's (FASB) open meeting for an update on its current expected credit losses (CECL) standard. Last month, FASB discussed three options to clarify implementation concerns brought up during a June FASB Transition Resource Group meeting on CECL – attended by NAFCU. FASB last week issued a request for feedback on its proposed update to the current CECL effective date for non-public business entities, including credit unions. NAFCU members can offer input on this proposal via the association's Regulatory Alert.

NAFCU also continues its outreach to lawmakers – both in Washington and those in their home districts – on credit union issues such as regulatory relief and data security and encourages credit unions to do the same. The association continues to build its top-notch speaker list for the fast-approaching Congressional Caucus; resources to help credit unions prepare for the week on Capitol Hill are outlined here.

Also happening this week: