Member Login

THE MEMO

DAKOTA CREDIT UNION ASSOCIATION
  • Advocacy
    • Government Affairs
    • Grassroots Action Center >
      • Advancing Communities
      • Bill Tracking
    • Political Fundraising
    • Regulatory Advocacy
    • Preserving Financial Choice for North Dakotans
  • Compliance
    • Compliance Resources
    • Compliance Solutions >
      • AffirmX
      • CECL
      • ComplySight
      • CU CMS
      • CU PolicyPro
      • InfoSight
      • PayLynxs
      • RecoveryPro
      • Training
    • The Memo: Compliance
  • Member Resources
    • Awards >
      • DakCU Awards
      • CUNA Awards
    • CU Awareness (SWAP)
    • DakCU Foundation >
      • Donor Wall
      • Memorials
      • Vacation Sweepstakes
    • DakCU Health Benefits Trust
    • Financial Well-Being for All
    • Professional Development >
      • Chapters
      • Emerging Leader Program
      • Sales CU Training
      • Training
    • Strategic Partners >
      • CAP Program Directory
      • Compliance Solutions
      • Pee Wee and Friends®
  • News & Events
    • The Memo
    • Events Calendar
    • Annual Summit >
      • Crashers
      • Presenters
      • Sponsors
    • New Ideas
    • Sales CU Training
  • About Us
    • Board of Directors
    • Contact Us
    • Our Team

Legislative Update with Jay Kruse

9/28/2022

 
Picture
​Funding the government is a priority for Congress this week; the Credit Union Board Modernization Act is scheduled for House floor vote; and a simplified CECL tool from NCUA. 
by Jay Kruse, Chief Advocacy Officer

Good morning! I hope everyone is having a great week and enjoying the first signs of fall!

Funding the Government
This is a very important week in Washington DC, as Congress looks to pass a Continuing Resolution (CR) to fund the government past September 30th. Late yesterday afternoon the Senate came to a compromise on their CR, which does include funding for the National Flood Insurance Program and would fund the government through December 16th. The CR legislation must be passed by both chambers and signed by the President by 11:59 p.m. on Friday.

Credit Union Board Modernization Act House Vote
The Credit Union Board Modernization Act (H.R. 6889) is scheduled for a House floor vote this week! The bill, which is co-sponsored by Dakotas’ Congressmen Dusty Johnson (R-SD) and Kelly Armstrong (R-ND), would allow credit union boards the flexibility to meet at minimum six times a year rather than the required 12 times a year. The legislation also includes a requirement that credit union boards meet at least once every quarter.

This legislation will update some outdated requirements that proved to be very burdensome for many credit unions during the COVID pandemic. With the amount of time and resources that go into hosting credit union board meetings, it only makes sense to allow credit unions some flexibility when scheduling their meetings.
A Senate version of this legislation was also introduced in May by a bipartisan group of senators and includes ND Senator Kevin Cramer as a co-sponsor.

NCUA Releases Simplified CECL Tool
The Simplified CECL Tool provides a methodology for credit unions to determine the Allowance for Credit Losses (ACL) on loans and leases for their loan portfolio. It was developed primarily for credit unions with less than $100 million in assets. The Weighted Average Remaining Maturity (WARM) methodology for calculating the ACL was chosen by the NCUA because the Financial Accounting Standards Board deemed it appropriate to estimate a credit loss allowance for less complex financial asset pools.

This tool relies on portfolio-level WARM proxy data to estimate current expected credit losses. For the WARM assumptions to remain applicable in an ever-changing environment, the Simplified CECL Tool will be updated quarterly.
​
You can download the tool on NCUA’s website here. You will also find a Users’ Guide and FAQ’s, but if you have any questions about CECL and implementing NCUA’s new tool, don’t hesitate to contact me. 

Comments are closed.

    The Memo

    The Memo is DakCU's newsletter that keeps
    ​credit union professionals updated on current news and information. ​

    Memo Home

    Want the Memo delivered straight to your inbox?
    Sign Up Now


    Archives

    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021


    Categories

    All
    Action Alert
    Advocacy
    Awards
    Awareness Campaign
    Compliance
    CUPAC/CULAC
    Dakota CUs Give Back
    Events
    Facebook Creeping
    Financial Well Being
    Foundation
    Fraud Alert
    Grants
    In The Spotlight
    Marketing Tips
    Member Solutions
    Miscellaneous
    ND Legislative Update
    News And Notes
    President's Perspective
    Press Releases
    SD Legislative Update
    Webinars

Copyright Dakota Credit Union Association.  All Rights Reserved.
2005 N Kavaney Dr - Suite 201 | Bismarck, North Dakota 58501
Phone: 
800-279-6328 | info@dakcu.org | sitemap | privacy policy
Picture
Picture
Picture
  • Advocacy
    • Government Affairs
    • Grassroots Action Center >
      • Advancing Communities
      • Bill Tracking
    • Political Fundraising
    • Regulatory Advocacy
    • Preserving Financial Choice for North Dakotans
  • Compliance
    • Compliance Resources
    • Compliance Solutions >
      • AffirmX
      • CECL
      • ComplySight
      • CU CMS
      • CU PolicyPro
      • InfoSight
      • PayLynxs
      • RecoveryPro
      • Training
    • The Memo: Compliance
  • Member Resources
    • Awards >
      • DakCU Awards
      • CUNA Awards
    • CU Awareness (SWAP)
    • DakCU Foundation >
      • Donor Wall
      • Memorials
      • Vacation Sweepstakes
    • DakCU Health Benefits Trust
    • Financial Well-Being for All
    • Professional Development >
      • Chapters
      • Emerging Leader Program
      • Sales CU Training
      • Training
    • Strategic Partners >
      • CAP Program Directory
      • Compliance Solutions
      • Pee Wee and Friends®
  • News & Events
    • The Memo
    • Events Calendar
    • Annual Summit >
      • Crashers
      • Presenters
      • Sponsors
    • New Ideas
    • Sales CU Training
  • About Us
    • Board of Directors
    • Contact Us
    • Our Team