Return of the credit union Jedi
Happy Monday and Star Wars Day! I hope everyone is still using the force to get through this pandemic and remain optimistic. As we enter the month of May, there is still a lot of [...]
NAFCU News Archives
NCUA chairman backs NAFCU’s call for CU CECL exemption
NCUA Chairman Rodney Hood Thursday called on the Financial Accounting Standards Board (FASB) to exempt credit unions from the current expected credit loss (CECL) standard. Since 2016, when the standard was issued, NAFCU has continuously [...]
Questions to set your day up for success
As we continue to adjust to a "new normal" of operating during the coronavirus pandemic, our leadership must remain steadfast and strong. With so much uncertainty in the world, it's up to us to be [...]
Fed maintains target rate, suggests long road to economic recovery
Yesterday, the Federal Open Market Committee (FOMC) held its April committee meeting and maintained the federal funds target rate range of 0 to 0.25 percent. NAFCU Chief Economist and Vice President of Research Curt [...]
NAFCU details NCUA PPP rules in new alert to CUs
Earlier this month, the NCUA Board approved an interim final rule to make conforming amendments to capital adequacy rules consistent with the CARES Act. Under the rule, paycheck protection program loans will receive a zero [...]
NAFCU, Treasury discuss CU concerns
Members of NAFCU's Regulatory Affairs Team Monday discussed with the Treasury Department credit union concerns regarding a number of issues, including the Small Business Administration's (SBA) Paycheck Protection Program (PPP), capital relief, and forbearances. During [...]
Regulation D amendments and Regulation CC implications; SBA PPP reopens
It has been a little over a month since the Federal Reserve changed the reserve requirements for transaction accounts. At the time, many credit unions asked what the reserve requirement changes meant for Regulation D [...]
Fed heeds NAFCU’s call to eliminate Reg D transaction limit
The Federal Reserve Friday issued an interim final rule to amend Regulation D and remove the six-per-month transaction limit on transferring between savings and checking accounts. NAFCU has long recommended that it be eliminated. "NAFCU [...]
PPP gets more funds as Trump signs package into law
President Donald Trump today signed into law legislation to provide the Small Business Administration's (SBA) paycheck protection program (PPP) with more than $300 billion in additional funds. In a win for credit unions, a portion [...]
Loss mitigation policies and procedures
The NAFCU compliance team has blogged about short-term forbearance plans and what the Consumer Financial Protection Bureau’s (CFPB) Regulation X might require when providing a credit union’s members with that relief. Earlier this [...]
Now’s the time to analyze your business model
How are you and your organization doing amid the coronavirus pandemic? It's a difficult time for us all as we change the way we do business and live. While the crisis has cast a bleak [...]
NCUA announces new office to promote accountability, ethical conduct
The NCUA Wednesday announced the creation of a new Office of Ethics Counsel, which was approved by the board during its closed meeting in March. Following allegations of misconduct at a NCUA office, NAFCU President [...]
NCUA adopts two rules on appraisals
At its April 16, 2020 meeting, the NCUA Board adopted two rules relative to the requirement to obtain an appraisal on certain real-estate related transactions. First, the Board amended the appraisal rule to increase the [...]
How is coronavirus affecting CUs?
As NAFCU continues to advocate for credit unions' needs in the wake of the coronavirus pandemic, the association encourages members to participate in the Economic & CU Monitor survey to further inform these efforts. This [...]
NAFCU Annual Conference canceled
As cases of coronavirus continue to rise and uncertainty remains, NAFCU has canceled its 53rd Annual Conference and Solutions Expo, scheduled to take place June 23-26 in Vancouver, Canada. NAFCU's executives meet daily to discuss [...]