The Missouri Credit Union Association (MCUA) recently filed two comment letters with FASB and the CFPB. See below for details.
MCUA Files Comment Letter with FASB on Private Company Decision-Making Framework
On October 31, 2012, MCUA filed a comment letter with the Financial Accounting Standards Board (FASB) in response to its proposed decision-making framework, which will be used by the recently created Private Company Council (PCC), for determining whether exceptions to accounting standards for credit unions and other private entities are appropriate.
We urged FASB to recognize the unique structure of credit unions, as not-for-profit, member-owned financial cooperatives, which exist to serve their members not to make a profit. An approach that would require credit unions to follow guidance appropriate for public financial institutions is unnecessary because the users of a credit union’s financial statements—its members and its regulators—are very different from those of a public financial institution, which are its shareholders and the public.
MCUA Files Comment Letter with CFPB on Financial Education
On October 31, 2012, MCUA submitted a comment letter to the Consumer Financial Protection Board (CFPB) in response to a series of questions on effective financial education approaches that will help improve consumers’ financial decision-making capabilities.
We encouraged the CFPB to pursue public-private partnerships to provide financial education and to examine the benefits and challenges of employer-sponsored financial education programs. Additionally, the CFPB should coordinate with the Financial Literacy and Education Commission as well as the Department of Education to consider national standards on financial education curriculum for junior high school, high school, and college.