WASHINGTON--Continuing its effort to identify and tackle the biggest challenges facing smaller credit unions, America's Credit Unions' Small Credit Union Advocacy Advisory Panel met Thursday to discuss additional priorities for the industry.
After using previous meetings to examine the top three issues identified in an initial member survey, the panel this week turned its attention to potential topics for future in-depth discussions on other pressing concerns facing small credit unions.
Those include:
- Updating Suspicious Activity Report/Currency Transaction Report reporting thresholds for the first time in decades. Members shared the burdens that come with the outdated thresholds, including noting that it’s possible a member’s successful garage/estate sale could result in an SAR or CTR requirement
- Examination relief, especially as credit unions with only a few full-time staff are forced to juggle examination requirements with maintaining member service
- Current expected credit loss (CECL) implementation, with which covered credit unions have expressed concerns
- Ways credit unions can attract and retain board members following enactment of the Credit Union Board Modernization Act
America’s Credit Unions also provided a regulatory update on the latest challenge from dismissed NCUA board members Todd Harper and Tanya Otsuka as it relates to the U.S. Supreme Court’s Slaughter decision. Credit unions were also encouraged to submit comments on the Federal Financial Institutions Examination Council’s proposed revisions to the CAMELS rating system, which are due to the FFIEC by Aug. 17.