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.

FASB Meeting Produces Pending Changes to CECL Standards

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.

Join Conference Call on Target Breach Settlement

This Thursday, August 27, Northwest credit unions are invited to join a conference call addressing the settlement between Visa and Target over Target’s 2013 data breach, and the litigation that remains pending.

Umpqua Bank Files Class Action Lawsuit Against Target; Survey Asks Whether Retailer Should be Held Liable for Losses Incurred by Credit Unions and Banks

A new Portland Business Journal survey asks readers to weigh in on who should bear the financial responsibility for data-breach losses at Target and other retailers. The poll comes on the heels of a class action lawsuit filed by Umpqua Bank against the nationwide chain.

September Communication Update from CUNA Mutual Group

CUNA Mutual Group, a Strategic Link strategic partner, offers an update on Hurricane Isaac’s impact on coastal credit unions, along with information about upcoming webinars on loan generation, auto loan recapturing and credit union protection.

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.

White House Withdraws Leon-Decker’s NCUA Board Nomination

The White House announced yesterday that it has withdrawn the nomination of Carla Leon-Decker to join the NCUA board of directors. Meanwhile, the NCUA reached settlement in its suit filed against HSBC, recovering $5.25 million.

NCUA Files Suit Against Wells Fargo

The NCUA is suing Wells Fargo, alleging they violated state and federal securities laws and misrepresented the sale of securities to the now-defunct U.S. Central Federal Credit Union and Western Corporate Federal Credit Union.

NCUA Reaches Settlement in Lawsuits Against Citigroup, Deutsche Bank Securities

The NCUA reached separate settlements this week with Citigroup and Deutsche Bank Securities regarding the sale of residential mortgage-backed securities to five wholesale credit unions. Net proceeds will go toward reducing assessments charged to credit unions to pay for the losses.

NCUA Sues Chase, Royal Bank of Scotland

NCUA files suit against two big banks to recover losses for credit unions.

Reduce Uninsured Losses by Differentiating ‘Pure Risk’ from ‘Uninsurable Risk’

It can be difficult understanding which types of loss your credit union’s fidelity bond does and does not cover. A legal and risk-management concept that can help clarify this is “pure risk” versus “uninsurable risk.”

Check Fraud Numbers Continue to Climb, Says Recent Survey

Business Solutions: Information from the League’s Business Partners

CMG’s Jeff Post Sees Slow Economic Improvement

Business Solutions: Information from the League’s Business Partners

Corporate Corner: Assessments for the Stabilization Fund

Corporate Corner is a series of articles that will examine various aspects of the corporate credit union crisis and the NCUA’s plans to resolve the issue and stabilize the industry.

NCUA Takes Action on Corporate Credit Unions

On Friday, September 24, the NCUA took action on the corporate credit union issue. These actions are extremely complicated and still being interpreted by the credit union industry.