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The new accounting rules from the Financial Accounting Standards Board (FASB) for estimating loan loss reserves on the Current Expected Credit Loss (CECL) model offer general guidelines and a list of implementation possibilities, but no specific recommendations.
Credit unions are required to adopt policies that govern loan workout arrangements and non-accrual practices. A credit union’s written non-accrual standards must include the discontinuance of interest accrual on loans that are past due by 90 days or more and requirements for returning such loans, including MBLs workouts, to accrual status.
The following table shows pending regulatory proposals quickly coming to deadline. Cornerstone and Credit Union National Association will be submitting comments. Credit unions are encouraged to use PowerComment to file comment letters with regulators.
Legislation that would have had a very negative impact on Oklahoma credit unions died Thursday in the Oklahoma House of Representatives.
By unanimous vote, the Senate passed SB 1062 by Sen. Charles Perry (R-Lubbock), which requires the Department of Motor Vehicles (DMV) to provide electronic forms for odometer readings, a secure power of attorney form and a secure reassignment form for licensed motor vehicle dealers.
Companion bills HB 3921 by Chairman Tan Parker (R-Flower Mound) and SB 2067 by Chairman Kelly Hancock (R-North Richland Hills) address the laws to protect the elderly and vulnerable from financial abuse.
On April 25, the Fort Worth Chapter of Credit Unions held a cake auction for the benefit of the Cornerstone Credit Union Foundation, raising $6,754. The chapter has held this auction annually since 2009, and it's proven to be a fun, collaborative, and sometimes competitive way of raising funds for an organization that gives back so much to the credit unions it serves.
Bayer Heritage Federal Credit Union welcomed its board members, staff, volunteers, representatives from Credit Union Resources, and others to their groundbreaking ceremony on April 21. The additional site in Baytown, Texas, will be a 5,500-square-foot, state-of-the-art facility.
The House Financial Services Committee will continue hearings on Rep. Jeb Hensarling's (R-Texas) Financial CHOICE Act today. The bill, HR 10, includes Durbin interchange amendment repeal and other Dodd-Frank Act reforms.
Credit Union National Association will join forces with the National Credit Union Foundation today for Financial Literacy Day on Capitol Hill, an event sponsored by the Foundation. Representatives for CUNA and the Foundation will be on hand from noon to 3 p.m. (ET) in rooms 2043 and 2045 of the Rayburn House Office Building.
If the signs of spring are signaling you to change, update, and grow within your career or community, those same signs can also bring new value to your organization and its clients. When many of our clients in the past have sought a refreshing and positive re-direction, they’ve succeeded by implementing a fully disclosed overdraft protection program for their members.
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