The Banking Brotherhood (FRB, FDIC, NCUA and OCC) released a list of frequently asked questions regarding the new accounting standards that introduced the Current Expected Credit Losses (CECL) methodology. The intent of releasing the questions is to help institutions and examiners understand and abide by the new requirements. The new FAQs, which join 23 others… Read More »
From the NCUA – NCUA Board seeks comment on Stabilization Fund Closure and Share Insurance Fund Normal Operating Level Credit union system stakeholders are invited to comment on NCUA’s proposed plan to close the Stabilization Fund in 2017. To facilitate the closure and ensure the Share Insurance Fund has sufficient equity to absorb potential losses… Read More »
The Internal Revenue Service has published [82 FR 33441] final and temporary rules effective immediately affecting the due dates for submission of certain information returns. Among the changes are a new due date of January 31 for information returns in the W-2 series and Forms 1099-MISC. The changed deadlines are meant to reduce the IRS’s exposure… Read More »
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… Read More »
The Division of Credit Union published Bulletin B-17-07 regarding the reporting of assets in the process of liquidation. The Bulletin is reprinted below. Please refer to the original link for footnotes. Assets in the Process of Liquidation The purpose of this bulletin is to set guidelines for how examiners will evaluate assets in the process… Read More »
The NCUA issued an Advanced Notice of Proposed Rulemaking (ANPR) regarding alternative capital for federally insured credits. Credit unions could use the alternative capital to meet required capital standards. The ANPR divides alternative capital into two categories: secondary capital and supplemental capital. Currently, secondary capital is only allowed for low-income designated credit unions and is… Read More »
The Board of Governors of the Federal Reserve System (“Board”) is amending Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (“IORR”) and the rate of interest paid on excess balances (“IOER”) maintained at Federal Reserve Banks by or on behalf of… Read More »
Effective January 1, 2017, NCUA will institute changes to the agency’s interest rate risk review procedures and adopt a standardized measurement of interest rate risk to scope and rate interest rate risk assessments more efficiently and effectively. Field staff will implement these changes using the enclosed Interest Rate Risk Review Procedures Workbook and Guide to… Read More »
Online Payment Process for DCU Semi-Annual Asset Assessment Fees DCU Bulletin B-16-09, July 7, 2016 Chapter 31.12 RCW authorizes the Director to charge fees to credit unions and certain other persons in order to cover the costs of the operation of the division of credit unions and to establish a reasonable reserve for the division…. Read More »
On June 16, the Financial Accounting Standards Board (FASB) issued its final standard on credit losses; the Current Expected Credit Losses (CECL) model. The standard follows a Life of Loan Concept that allows financial institutions to leverage its current internal credit risk systems as a framework for estimating expected credit losses. The standard requires organizations… Read More »
Compliance Services Group Copyright 2026.© All Rights Reserved | Privacy Policy
No Legal Advice Intended
The information on this website is provided as a service to our clients and visitors. The contents of this website, and the posting and viewing of the information on this website may convey information that can be characterized as “law related services” as defined by Rule 5.7 of the Rules of Professional Conduct (“RPC”) governing lawyers, but should not be construed as, and is not intended to be legal services, legal advice, or forming a client-lawyer relationship. Since CSG is not engaged in the practice of law, neither our services nor our relationship will be governed by the RPCs governing lawyers including, but not limited to, specific RPC rules applicable to privileged communications and prohibitions of conflicts of interest. While CSG uses reasonable efforts to include accurate, up-to-date information on this website, CSG makes no warranties or representations as to its accuracy and assumes no liability or responsibility for any errors or omissions in the content of this website or any third-party websites accessed through links from this website.
Formal Agreement Required for Services
You cannot engage CSG to render services for you through e-mail. CSG is not committed to provide services of any kind to you unless a formal services agreement has been executed by both you and CSG. CSG makes no commitment to you to maintain the confidentiality of any e-mail you send to us nor to respond to any e-mail.
Copyrights
Except for information in the public domain, or whether other ownership is acknowledged, CSG owns the copyright to this web site and all of its content. You may not copy or distribute materials from this web site except for personal, noncommercial use.
Links
Links provided by this web site are to assist our clients and visitors in identifying other useful resources and are not intended to state or imply that CSG sponsors or is associated with these resources or endorses or recommends any of the third party information, products, or services found there.