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Throughout the week at CUNA’s GAC, credits unions had a
myriad of opportunities to discuss future and past rulemakings with staff from
Starting on Sunday morning, CUNA’s Examination and
Supervision Subcommittee held an executive session where Larry Fazio and Tim Segerson
presented ideas on future implementation of an extended exam cycle. Subcommittee members engaged NCUA staff on
the necessity for efficiency in the exam and call report processes.
On Sunday night, the Consumer Protection Subcommittee
discussed several issues with staff from the both CFPB and NCUA. CFPB’s Deputy
Assistant Director of the Office of Financial Institutions and Business Liaison
Elizabeth Ellis, and the Director of NCUA’s Office of Consumer Protection Gail
Laster, provided updates on their agencies’ agendas for 2016 and answered
questions about recent rulemakings from the subcommittee members.
On Tuesday, several groups traveled over to CFPB to discuss
overdraft protection and other pending rulemakings. Then on Tuesday morning Director
Richard Cordray addressed attendees during the general session. And on Tuesday
afternoon Corey Stone, Assistant Director of Credit Information and Deposit
Markets, joined a panel for a discussion about overdraft services and
small-dollar loans during a breakout session.
On Wednesday afternoon the Ohio Credit Union League also
discussed overdraft services with CFPB’s Deposit Markets Program Manager Gary
Stein, Elizabeth Ellis, and Senior Advisor, Financial Institutions &
Business Liaison Jennifer Stockett.
During this discussion, Stein indicated that he expects the
CFPB to hold a Small Business Review panel on overdraft by the end of 2016, and
does not expect a rulemaking until 2017.
NCUA Board Members Debbie Matz, Rick Metsger, and Mark
McWatters also all presented during the GAC, and NCUA's Gail Laster and Linda Jekel participated in a
breakout session entitled, "Regulation vs. Guidance/Best Practices:
Implications for Credit Union Examinations and Compliance Efforts." On
Tuesday night, there was also an opportunity for GAC attendees to meet several
other NCUA staff members.
Payments Policy Subcommittee meeting on Monday, Bill Sullivan and Jaime Graham from
NACHA and Michael Hoppe and Della Tate from the Federal Reserve Banks provided
updates to the subcommittee and answered questions about recent issues in the
payments space. Sullivan also distributed a support
legislation to end Operation Choke
CUNA’s Accounting Advisory Committee met to discuss the Financial Accounting
Standards Board’s (FASB) pending proposal on credit impairment. In addition to
several industry experts, NCUA Director of Supervision Scott Neat joined the
discussion to provide the regulator’s perspective on the proposal that would
require a “current expected credit loss” (CECL) method be used for determining
credit impairment. CUNA continues to advocate on this issue to achieve an
improved standard, which is expected to be finalized next quarter.
We encourage all GAC participants to continue to weigh in
with their regulators through comment letters, as well as other engagement opportunities
such as attending field hearings and serving in advisory roles to the agencies.
And of course, please continue to contact us directly with questions and
concerns about upcoming agency rulemakings.
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Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.
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