CECL Resources

From NAFCU (http://www.nafcu.org/News/2017_News/April/NAFCU-sponsored_CECL_study_gives_CUs_guidance/?utm_source=NAFCU+Today&utm_medium=Email&utm_campaign=daily+news&_zs=n9tFa1&_zl=tvNn3) A newly released, NAFCU-sponsored study outlines some of the key qualities and trade-offs for a variety of models for implementation of the Financial Accounting Standards Board’s current expected credit loss accounting standard, which starts taking effect for credit unions in fiscal years beginning after Dec. 15, 2020. Accessing the study requires you to provide your contact information, … Read More

ACH Operations Bulletin #2-2017: Same Day ACH and Debit Processing

From NACHA (https://www.nacha.org/news/ach-operations-bulletin-2-2017-same-day-ach-and-debit-processing) POSTED APRIL 11, 2017 EXECUTIVE SUMMARY ACH debits become eligible for same-day settlement with the implementation of Same Day ACH Phase 2 on Sept. 15, 2017. This ACH Operations Bulletin provides information to Originating and Receiving Depository Financial Institutions, Originators, Third-Party Senders, and software and processing vendors on important aspects of ACH debit processing in a same-day … Read More

593 Pages of CHOICE

The discussion draft of the Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs) Act was released on April 19, 2017.  A hearing on the draft is scheduled for April 26 at 10:00 a.m. Eastern time and will be streamed live on the House Financial Services Committee’s Website. Provisions in the Act that impact credit unions include: requiring … Read More

CFPB Fair Lending Report

The Bureau has released its fifth Fair Lending Report. The CFBP reports that, during 2016: To protect consumers and better understand issues facing lenders, the Bureau engaged in significant outreach with industry, civil rights advocates, consumer groups, and other stakeholders to ensure a diverse set of viewpoints are incorporated into our work The CFPB protected consumers by working with other … Read More

NCUA’s Videos on Effective Board Meetings

From NCUA.gov – ALEXANDRIA, Va. (April 5, 2017) – Are your credit union’s board meetings as effective as they could be? The National Credit Union Administration today released its new video series, “Effective Board Meetings,” aimed at helping credit union directors make the best use of their meetings. This four-part series features different examples of well-run and poorly run board … Read More

NCUA SL 17-01 Updated Compliance Risk Indicators

On March 29, 2017, NCUA released a supervisory letter in a Letter to Credit Unions (17-CU-02) that provides an updated list of Compliance Risk Indicators. The updated list builds upon the previous guidance issued in a 2002 Letter to Credit Unions. NCUA notes that the “updated list of indicators does not impose any new or higher supervisory expectations to credit unions.” … Read More

Proposed Amendments to Regulation C – HMDA

On April 13, the CFPB issued proposed amendments to the HMDA (Regulation C) Rule.  The CFPB describes the changes as being non-substantive in nature, and notes that the proposal is meant to provide “clarifications, technical corrections, or minor changes.” Included in the proposal are revised definitions along with related commentary: Automated Underwriting System:  The proposal would clarify that a system … Read More

OCC Retail Lending Booklet

The OCC has issued Bulletin 2017-15 to introduce a new “Retail Lending” booklet for the Comptroller’s Handbook. This new booklet, part of the “Safety and Soundness” category of the Handbook, discusses the risks associated with retail lending and provides a framework for evaluating retail credit risk management activities. This booklet supplements the core assessment sections of the “Large Bank Supervision,” … Read More

WF Sales Practices Investigation Report

Wells Fargo released their Independent Directors of the Board of Wells Fargo & Company Sales Practices Investigation Report.  The report is a recommended read for anyone involved, including the board of directors, with setting, maintaining, or reviewing incentive programs for the credit union. From the report, the principal findings include: The root cause of sales practice failures was the distortion of … Read More

March Update

March’s legislative update is available here.