June 12: Get updates on CECL, BSA/AML, marijuana banking, more
NAFCU President and CEO Dan Berger and senior leaders of the association’s award-winning advocacy team next week will give members an update on key credit union issues, including the current expected credit loss (CECL) standard, Bank Secrecy Act (BSA)/anti-money laundering (AML) regime, marijuana banking and more.
The Q2 Member Call-In is slated to begin at 4 p.m. Eastern June 12. This member-only benefit is free, but registration is required.
Here’s an update on some hot-button issues that will be further discussed during the member call-in:
CECL: NAFCU last week released a new CECL FAQ document to help credit unions as they prepare to implement the standard. Despite concerns from lawmakers and others about the impact CECL could have on financial institutions and the economy, the association believes it is likely that all credit unions will be required to comply with the standard in 2022. The association is also engaged as Congress considers legislation to halt CECL’s implementation, and continues to share its concerns about the standards with the Financial Accounting Standards Board (FASB), NCUA and lawmakers.
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