Many banks and credit unions will have additional time to prepare for the new Current Expected Credit Loss accounting system after the Financial Accounting Standards Board recently voted to delay implementation for a select group.
The regulatory relief party may be over in Congress, but credit union trade groups do not seem terribly upset about the results of midterms.
Credit union trade groups are pushing back against proposed legislation from Sen. Elizabeth Warren that would potentially wrap some credit unions under the Community Reinvestment Act.
Credit unions can expect to see another year of double digit loan growth, which would be the fourth consecutive year credit unions have seen loan growth over 10 percent.
Sweeping tax reform legislation unveiled by House Republicans Thursday preserved the credit union tax exemption, eliciting cheers from credit union advocacy groups and calls from banking associations advocating for a level playing field.
Two major credit union advocacy groups are in disagreement over the National Credit Union Association’s proposed plan to close the Temporary Corporate Credit Union Stabilization Fund sometime this year.
Two of the country’s major credit union advocacy groups have recently sent letters to the Consumer Financial Protection Bureau, pushing for further delay of the agency’s proposed amendments regarding prepaid accounts.
