FASB Proposes Modifying Effective Date of CECL Standard

The Financial Accounting Standards Board (FASB) board has proposed modifying the effective date of its Current Expected Credit Losses (CECL) standard for non-public companies, giving credit unions an extra year to prepare for the new rules.

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NCUA Proposes One-Year Delay of Risk-Based Capital Rule

The National Credit Union Administration (NCUA) Board today proposed delaying by one-year implementation of the risk-based capital rule (RBC) to January 1, 2020; and modifying the definition of complex credit unions from $100 million to $500 million in assets.

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NCUA Seeking Comments on Additional Payday Loan Alternative

The NCUA has proposed a rule to provide federal credit unions with an additional alternative option to offer payday alternative loans. Under the proposed framework, PALs II loans would be permitted up to $2,000, with no minimum, and a maximum loan term of up to 12 months.

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Federal Court Rules BCFP’s Structure Unconstitutional

A federal District Court in New York just ruled that the structure of the Bureau of Consumer Financial Protection (BCFP) is unconstitutional. The ruling is at odds with a February ruling by the federal appeals court in Washington that upheld the BCFP's structure.

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NCUA Board Approves Final Rule on Field of Membership

The National Credit Union Administration (NCUA) voted today to finalize a second field of membership rule, giving credit unions the option to submit a narrative application for a well-defined local community rather than being limited to a presumptive statistical community.

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