NASCUS Report Archives
New law protects PA fund that finances regulator
(July 2, 2021) Pennsylvania credit unions are applauding the passage of state legislation prohibiting the transfer of monies from the state’s Banking Fund to pay for state government operations other...
Fed announces tool for small banks grappling with CECL
(July 2, 2021) A new tool aimed at helping smaller banks calculate their allowances under the new current expected credit loss (CECL) accounting standard was announced by the Federal Reserve...
Planning for 2021 Summit, Aug. 17-18, under way now
(July 2, 2021) The NASCUS 2021 State System Summit (S3) is coming up Aug. 17-18 as a virtual event again this year, with the agenda for the event now coming...
BRIEFLY: Capitalization of interest rule effective July 30 … while CECL transition rule takes effect Aug,. 2; Risky AML/CFT/CPF jurisdiction list updated; New leader at World Council of CUs; Have a happy, safe July 4 holiday!
(July 2, 2021) NCUA’s final rule permitting federally insured credit unions (FICUs) to extend financing of interest in connection with loan workouts and modifications is set to take effect July...
NASCUS-supported rules finalized on interest capitalization, CECL impact
(June 25, 2021) Final rules on capitalization of interest by federally insured credit unions, and on mitigating the day-one effect of the current expected credit loss (CECL) accounting standard on...
Ito: State system welcomes CECL, loan capitalization rules
(June 25, 2021) NASCUS President and CEO Lucy Ito said the state system embraces both new rules, which the association had supported. On interest capitalization, Ito said the new rule...
A FICU advisory group for NCUA? Yes, please
(June 25, 2021) In another development during Thursday’s NCUA Board meeting, two members discussed the future of an advisory council from among the credit union system for NCUA – something...
Letter backs extending COVID-19 PCA relief
(June 25, 2021) Allowing otherwise healthy credit unions to continue to focus on serving their members through rules providing regulatory relief from prompt corrective action has once again won the...
Exam council updates BSA/AML manual
(June 25, 2021) Updates to four sections of the BSA/AML manual for examiners were announced by the FFIEC this week, with the intention of offering “further transparency into the examination...
Bureau notes holiday issues with mortgage disclosures
(June 25, 2021) The timing of mortgage lenders’ compliance with federal disclosure rules may have been disrupted with the abrupt implementation of the new “Juneteenth” federal holiday late last week...
BRIEFLY: Biden replaces FHFA director after high court ruling; FCU usury ceiling stays at 18%; TRANSITION: Murray retires at Vizo Financial Corporate; Congress votes to repeal ‘true lender’ rule
(June 25, 2021) The Supreme Court ruled this week that the director of the Federal Housing Finance Authority (FHFA) may be fired by the president, overturning the agency’s structure which...
Rules on interest capitalization, CECL on NCUA Board agenda
(June 18, 2021) Two final rules – on mitigating the impact of the new CECL accounting standard, and allowing credit unions to capitalize interest, which NASCUS urged be finalized “expeditiously”...