NASCUS PRESIDENT & CEO LUCY ITO ON THE FEBRUARY NCUA BOARD MEETING

February 20, 2020

NASCUS PRESIDENT & CEO LUCY ITO ON THE FEBRUARY NCUA BOARD MEETING

ARLINGTON, Va. – Today, the NCUA Board issued a Final Interagency Policy Statement, Allowances for Credit Losses and approved Proposed Rule, Part 704, Corporate Credit Unions for a 60-day comment period.

NASCUS President and CEO Lucy Ito issued the following statements in response to today’s meeting.

On the Final Interagency Policy Statement, Allowances for Credit Losses:

“We look forward to reviewing the finalized Interagency Guidance on Credit Risk Review Systems and are encouraged that NCUA appreciated the comments submitted and took steps to address credit union concerns.

“We also could not agree more regarding the need for more Current Expected Credit Losses (CECL) education and training resources. As such, NASCUS and state regulators continue to provide joint examiner-credit union CECL training courses as we have for the past several years.”

On the Proposed Rule, Part 704, Corporate Credit Unions:

“We look forward to closely reviewing the proposed rule and evaluating its potential impacts on corporate credit unions, natural person credit unions, and credit union service organizations.”

Information Contact:

Shelton Roulhac, Vice President, Communications, [email protected]  or (703) 528-5974

 

NASCUS is the national association that advocates for a strong and healthy state credit union system, and whose members include state regulatory agencies, credit unions, credit union leagues, and organizations that support the state credit union system.