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CFPB Updates - 3/18/2013

Mar
18
CFPB Updates - 3/18/2013

NLRB Recess Appointments Case to Move to Supreme Court;
Could Impact CFPB

Posted By Sharon Bahr read more

Opportunity to Voice Concerns to FASB in Effort to Improve Proposal on Credit Losses

Mar
18
Opportunity to Voice Concerns to FASB in Effort to Improve Proposal on Credit Losses

Credit unions in Missouri are urged to share their input with the Credit Union National Association (CUNA) as it develops a comment letter to the Financial Accounting Standards Board (FASB) about its proposal regarding financial reporting of expected credit losses on loans and other financial assets.

The proposed model would utilize a single “expected loss” measurement for the recognition of credit losses. This would replace the multiple existing impairment models in U.S. generally accepted accounting principles (GAAP) that primarily use an “incurred loss” approach.

Posted By Sharon Bahr read more

CUNA Focus on Regulatory Relief at NCUA Chairman Meeting

Mar
18
CUNA Focus on Regulatory Relief at NCUA Chairman Meeting

The Credit Union National Association (CUNA) Executive Committee met with National Credit Union Administration (NCUA) Board Chairman Debbie Matz to discuss matters of concern for credit unions on March 12. Items discussed include NCUA’s efforts to update Prompt Corrective Action (PCA), focusing on risk-based requirements.

Posted By Sharon Bahr read more

Privacy Notice Bill Passes U.S. House

Mar
13
Privacy Notice Bill Passes U.S. House

H.R. 749, the Eliminate Privacy Notice Confusion Act, passed the U.S. House of Representatives on March 12. The bill was passed by a voice vote, with no opposition.  It now must go to the U.S. Senate for action.

Posted By Amy McLard read more

NACHA Proposal on Compliance & Operational Topics

Mar
13
NACHA Proposal on Compliance & Operational Topics

NACHA - The Electronic Payments Association has issued another proposal to address certain compliance and operational topics on the Automated Clearing House (ACH) network.

Posted By Sharon Bahr read more

NIST Information Request

Mar
12
NIST Information Request

The National Institute for Standards and Technology (NIST) has issued a request for information on the coordination of a “critical infrastructure” cyber-security standards framework, as one of the initial steps of the White House Executive Order and Presidential Policy Directive on cyber-security.

Posted By Sharon Bahr read more

NCUA Updates - 3/11/13

Mar
12
NCUA Updates - 3/11/13

Here are two National Credit Union Administration (NCUA) updates:

Posted By Sharon Bahr read more

Opportunity to Move Forward for Privacy Notice Bill

Mar
11
Opportunity to Move Forward for Privacy Notice Bill

The U.S. House of Representatives may take action soon on H.R. 749, the Eliminate Privacy Notice Confusion Act.  The bill is scheduled for full House consideration on March 12.

Posted By Amy McLard read more

NCUA Regulation Review

Mar
11
NCUA Regulation Review

The National Credit Union Administration (NCUA) has published its 2013 regulatory review list, which details the regulations the NCUA Board has scheduled to consider this year. NCUA reviews one-third of its regulations every year to update, clarify, simplify and eliminate unnecessary provisions. Parts 711 through 747 are up for review.

Posted By Sharon Bahr read more

Treasury Inflation Protected Securities (TIPS)

Mar
11
Treasury Inflation Protected Securities (TIPS)

The National Credit Union Administration Board (NCUA) adopted a final rule that amends its investments rule to allow federal credit unions (FCU) to purchase Treasury Inflation Protected Securities (TIPS). Prior to this amendment to §703.14(a), NCUA did not permit FCUs to purchase TIPS. TIPS can be used to help FCUs manage inflation risks.

Posted By Sharon Bahr read more

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