As 2019 comes to an end, NAFCU’s bold advocacy strategy – informed by direct member feedback – achieved a number of wins for the industry throughout the year. These wins put credit unions in a strong position heading into the new year to accomplish even more.
Here’s a look at some key wins:
- CECL: The Financial Accounting Standards Board (FASB) in November made final a delay to its current expected credit loss (CECL) standard, pushing credit unions’ compliance date to 2023. NAFCU for years has shared credit unions’ concerns about the negative impacts of CECL to FASB. The association continues to push for more guidance and relieffor credit unions under the standard with the NCUA and FASB.
- RBC: In its final meeting of the year, the NCUA Board passed a final rule to delay the implementation of its risk-based capital (RBC) rule by two years to Jan. 1, 2022. NAFCU has led efforts to ensure credit unions and their members benefit from a modern capital regime, working closely with policymakers on Capitol Hill and at the NCUA.
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