WASHINGTON–It’s a “busy week” in Washington with both the House and Senate back in session. The House has scheduled a number of hearings of interest to credit unions, while the Senate schedule could be significantly affected by potential impeachment proceedings.
Chief among the hearings credit unions will be watching is a House subcommittee review today titled “An Examination of the Financial Accounting Standards Board and the Public Company Accounting Oversight Board.”
NAFCU’s Carrie Hunt said the hearing is necessary and she is hopeful certain questions will be asked.
“FASB is a quasi-governmental entity. It is a standard-setting body that has a huge, huge impact on financial markets,” said Hunt, EVP/general counsel. “From our perspective we are happy Congress is looking at whether FASB needs additional oversight or even if that entity should be a government (entity).”
Hunt said FASB has been somewhat indifferent to how its rules can affect entities such as credit unions, particularly with CECL. Hunt added NAFCU is pleased compliance with CECL has been delayed until 2023 for credit unions, but it’s the type of rule, given its scope, that really should have fallen under the auspices of Congress.
NAFCU said it continues to press for more guidance and relief from FASB when it comes to CECL.
Also today, a House Financial Services Subcommittee will hold a hearing on the bank Secrecy Act and the financing of domestic terrorism and extremism, as well as AML rules.