ARLINGTON, Va.–If there was one surprise coming out of NAFCU’s Congressional Caucus last week, including Hill visits by credit unions, it was the interest that remains in addressing CU concerns around CECL, according to Carrie Hunt.
“There was more interest in addressing CECL than we thought,” said Hunt, EVP/general counsel with NAFCU. “It truly is a constituent issue. Members are very attuned to it.”
Despite the interest, Hunt acknowledged it will be difficult to pass any CECL-related legislation in the current Congress.
As CUToday.info reported here, Rep. Ted Budd (R-NC) was particularly outspoken on CECL. As CUToday.info reported here, the Financial Accounting Standards Board (FASB) is holding meetings this week related to CECL.
NCUA Board Meeting
Separately, Hunt said NAFCU will be watching the NCUA board meeting scheduled for Thursday morning at which its PALS II rule will be on the agenda. Hunt noted during the comment period the trade group had asked for certain changes to the proposed rules, including eliminating the 30-day waiting period for a consumer to become a credit union member.
In addition, if passed by the board, Hunt said NAFCU will be particularly interested in how the CFPB treats the new PALS rule.
Also on DC Agenda
Also getting attention in Washington this week:
- The House Financial Services Committee begins a markup of several bills of interest to credit unions, including addressing homelessness, ensuring underserved communities are reached, and holding big banks accountable.
- The Senate Appropriations subcommittees are working through various funding bills this week, with some likelihood a short-term funding bill will need to be passed to avoid another government shutdown.
- Both CUNA and NAFCU continue to work with Congress to have language removed from the National Defense Authorization Act that would give banks the same access as credit unions when it comes to nominal leases on military bases.
- On Wednesday and Thursday, the House Small Business Committee holds two hearings to discuss how Small Business Administration programs can expand economic opportunity and drive innovation.
- On Thursday, the CFPB is hosting its second event in a series of symposia, this one focused on behavioral law and economics.