The National Credit Union Administration Office of Examination & Insurance is hosting a webinar on the recently announced Simplified Current Expected Credit Loss (CECL) Tool. The one-hour live webinar will take place on Wednesday, October 12, beginning at 2 P.M. Eastern.

​The Simplified CECL Tool uses the Weighted Average Remaining Maturity (WARM) methodology to estimate the allowance for credit loss and is designed for the more than 3,000 credit unions with less than $100 million in assets. Larger credit unions can use the tool based on management and auditor discretion.​

NCUA subject matter experts will provide an overview of the Tool, demonstrate the Tool, and answer participants’ questions.

Participants may submit questions in advance by emailing WebinarQuestions@ncua.gov. The email’s subject line should read, “CECL Webinar.”

​Registration for this webinar is now open. Participants can log into the webinar and view it on computers or mobile devices using the registration link. They should allow pop-ups from this website. The webinar will be closed captioned and archived approximately one week following the live event.

In June, the Financial Crimes Enforcement Network (FinCEN) published an advanced notice of proposed rulemaking (ANPR) seeking comments on the potential implementation of a no-action letter process.

​In April, the Consumer Financial Protection Bureau (Bureau) published a proposed rule prohibiting the inclusion of adverse information in consumer reporting in cases of human trafficking. 

Class Action Lawsuit Against Navy FCU Instructive for Credit Unions: A recent class action lawsuit, Wilkins v. Navy FCU, may have some lessons for credit unions regarding relationships with third-party payment apps. 

Share Insurance Fund Update – Q1 of 2022: Last week the NCUA provided an update on the performance of the National Credit Union Share Insurance Fund (Fund). 

Today, the NCUA issued a letter to federally insured credit unions clarifies certain expectations for credit unions contemplating the use of new or emerging distributed ledger technologies (DLT)  reiterates the importance of sound governance and planning related to deploying new technologies like DL. 

The rapid emergence of financial technology is creating opportunities for credit unions to increase speed of service, improve security, and expand products and services. In this spirit, the NCUA Board is exploring how the agency can provide clarity around expectations regarding financial technology adoption to not impede safe, fair, and responsible federally insured credit union engagement.

Join us Thursday, June 9th, for a presentation on digital assets. The session will feature NCUA Vice-Chairman Kyle Hauptman, who will talk about credit union opportunities and risks related to digital assets (cryptocurrency). This is a virtual event and will allow for questions and discussion with the Vice-Chairman.

​Date: Thursday, June 9,
​Time: 9:30 AM – 11:00 AM 

​There is no cost to attend. Space is limited, please register now to save your seat. Contact MnCUN General Counsel, Tim Tacheny, with any questions. ​

Federal Agencies Update Flood Insurance Q & A: On May 11, the NCUA, OCC, Federal Reserve, FDIC and FCA issued a joint rule updating the questions and answers regarding flood insurance. 

USAA Successful in Another Mobile Deposit Lawsuit: Last week, a federal jury in Texas awarded United Services Automobile Association (USAA) a judgment of more than $218 million against PNC Bank NA

​Last week we published an article on legislation that provides pay for frontline workers who worked during the COVID-19 pandemic. At that time, we were not certain whether the frontline pay would apply to credit union employees. We’ve learned that credit union employees will not be eligible. During a MN Chamber of Commerce webinar on Monday, DoL staff clarified that the “banking industry is not an eligible frontline sector under the law.”

​Please contact MnCUN General Counsel, Tim Tacheny, with any questions. 

NCUA Webinar on Protecting Older Members: Financial exploitation continues to be a significant issue for vulnerable members. The NCUA is hosting a webinar for credit unions to learn how to protect their older members from financial exploitation. 

​Bureau Publishes Quarterly Supervisory Highlights: The Consumer Financial Protection Bureau (Bureau) recently published its Spring 2022 Supervisory Highlights.  

MnCUN Comments on Proposed Amendments to Regulation V (Fair Credit Reporting Act): In April the Consumer Financial Protection Bureau (Bureau) published a proposed rule amending Regulation V, the implementing regulation for the Fair Credit Reporting Act (FCRA).