A meeting of the Financial Accounting Standards Board, Friday, included proposed changes to the Current Expected Credit Loss model of measuring credit impairment for credit unions.
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.
The board plans to address a number of important topics, including minority depository institutions and loans in areas with flood hazards.
Credit-union-backed candidates won more than 90% of their elections nationally, with even higher numbers in Oregon and Washington.
Darigold Federal Credit Union members have voted to approve a merger with Sound Credit Union and the consolidation is now expected to be finalized on Nov. 1, the credit unions announced this week.
The boards of Horizon Credit Union and EDTECH Federal Credit Union have voted unanimously to merge, the credit unions announced this morning. If approved by regulators and EDTECH members, the combined credit union would approach $675 million in total assets and employ more than 225 people.
Brian Turner, chief strategist for Catalyst Strategic Solutions, looks ahead to 2014 and offers six economic road signs he sees in credit unions’ future.
The NWCUA’s director of regulatory avocacy takes a deeper dive into last week’s NCUA board meeting. It is an important meeting for credit unions.
The March revenue forecast released last week by the Washington Legislature’s non-partisan Economic & Revenue Forecast Council projects the state to have $40 million more in revenue over the next two fiscal years than originally projected.
The CFPB issued its semiannual regulatory agenda today and as soon as tomorrow is expected to begin issuing final rules that will impact mortgage lending, including changes to loan originator compensation, disclosures and more.
The NCUA is expected to issue four final rules on Thursday, including changes to the asset threshold that defines small credit unions, an increased response time for accepting the LICU designation and other technical changes.
The weekly Regulatory Advocacy Update outlines the NWCUA’s efforts to reduce the regulatory burden on credit unions and protect the larger movement. Included here is an update on Washington DFI’s stance on bank-owned life insurance.
Legislation that would do away with the physical fee notice currently required on ATMs was unanimously approved by the House Financial Services Committee Wednesday morning and is expected to receive a floor vote in the House in July.
Credit union activists from Oregon and Washington have logged more than 1800 contacts through CUNA’s advocacy site in support of raising the MBL cap. With a Senate vote not expected until next week, there is still time to deepen the impact.
This week’s Oregon Legislative Week in Review outlines how a constitutional deadline for ending the session is near despite some budget issues still needing approval.