June 25, 2021 NASCUS Report

THIS WEEK: NASCUS-backed rules on interest capitalization, CECL finalized … state system welcomes both, Ito says; ‘Yes’ to NCUA FICU advisory group; Letter supports extending COVID-19 PCA relief; BSA/AML manual updated; Holiday disruptions to mortgage disclosures explained; BRIEFLY: New FHFA chief named; FCU usury ceiling remans same; TRANSITION — Murray retires at Vizo Financial Corporate; OCC’s ‘true lender’ rule repealed

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…

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