Compliance Center: Federal Regulators Issue Joint Statement on the New CECL Accounting Standard
New statement covers initial information on new FASB accounting standard ASU 2016-13, for estimating allowance for credit losses.
Anthem
Compliance News
NCUA Webinar on Cybersecurity Outlines Current Landscape, Assessment Tools
A webinar produced by the NCUA last week detailed the vast and changing landscape of cybersecurity, and reviewed some of the assessment tools available to credit unions to develop a ‘common language’ around prevention and resiliency.
Field of Membership Rule to be Unveiled Thursday
The proposal is expected to overhaul the current regulations, giving federally chartered credit unions flexibility to add to their fields of memberships, and giving more consumers the choice to join a not-for-profit, cooperative credit union.
Answer the Credit Union Movement Call: Volunteer for Committees
Volunteer for a Northwest Credit Union Association Committee or Task Force, and lend your skills to the critical work of advancing the Credit Union Movement.
U.S. District Court Delivers a Blow to Financial Institutions
A U.S. District court ruling strikes down the Federal Reserve’s price caps on debit interchange fees. The ruling could be devastating for some financial institutions. The NWCUA is working with CUNA to determine next steps.
Strategic Link Question of the Week
“With two years remaining on our contract with our current card processing system, we are looking to honor our commitment to due diligence by looking into other processing systems, but we are concerned about the time and money it will take to compare systems. We want to make sure our credit and debit card program is as valuable as possible to our members and to our credit union. Do you have any suggestions for where we should start or who we should contact?”
Low-Yield Environment Set to Continue as Fed Votes to Keep Interest Rates Near Zero
The Federal Reserve’s Federal Open Market Committee voted this week to continue purchasing bonds and Treasuries and to hold the federal target fund interest rate steady at near-zero levels until unemployment falls below 6.5 percent.
Accounting and Auditing Update: Current Issues and What Lies Ahead
The current economic environment has created many challenges from an accounting and regulatory compliance perspective, and significant change is on the horizon, according to Gabe Nachand and Ryan Sturgis of Moss Adams LLP.
FHFA Issues New Standard Short Sale Guidelines
The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac are issuing new guidelines to their mortgage servicers to standardize short sale practices that will go into effect Nov. 1.
CFPB Solicits Financial Industry Insider Informants
According to Richard Cordray, individuals with information on potential violations of federal consumer financial laws will now have “a direct line of communication” with the CFPB.
NCUA’s December Board Meeting Brings Several New Proposed Rules
The NCUA proposed rules on loan participations and the restructuring of RegFlex, and it issued an Advanced Notice of Proposed Rulemaking on emergency liquidity at its board meeting last week.
Senate Holds CFPB Hearing on Cordray Nomination
The Senate Banking Committee held its first hearing on the nomination of Richard Corday as CFPB director, marking another much-talked-about step in a process that has already been controversial. Also outlined is the NWCUA’s response to the NCUA’s CUSO proposal.
Yakima Valley Credit Union Membership Approves Merger with Catholic Credit Union
Two Washington credit unions will join forces this fall, as Yakima Valley Credit Union and Catholic Credit Union announced a merger, effective Oct. 1, 2011.
Free NCUA Webinar on ALLL
Sponsored by NCUA’s Office of Examination and Insurance and the Office of the Chief Economist, the webinar is free and will facilitate credit unions’ understanding of the 2006 Interagency Policy Statement on the topic.