Legislative Update with Jay Kruse
by Jay Kruse
Chief Advocacy Officer
11/19/2019

Good Morning!

Washington Update

Both the House and Senate are in session this week in Washington D.C., with both chambers considering legislation to fund government operations beyond November 21st, to avert a government shutdown. The House is expected to act first with a vote on Tuesday to approve a short-term funding bill that will extend spending authority until December 20, 2019. The Senate is working at a slightly slower pace due to some last-minute negotiations.

CECL 2023 Delay Finalized

As expected, late last week the Financial Accounting Standards Board (FASB) finalized their formally proposed delay of their current expected credit loss (CECL) standard to January 2023. CECL is the new accounting standard that uses an “expected loss” measurement for the recognition of credit losses.

CUAD has partnered with another state association that has developed and shared with us some CECL resources geared toward helping small credit unions across the country meet the new CECL requirements. We think these resources can be a game changer for credit unions in the Dakotas. All the information and resources are now available to affiliated members and can be found on our website at www.cuad.coop/cecl.

Also, CUNA has partnered with FASB for a Dec. 19 webinar on a CECL implementation workshop. This is an interactive session with FASB staff focusing on credit loss reserve estimation techniques, including the weighted average remaining maturity (WARM) method, answers to frequently asked questions, and other common implementation issues credit unions may face.

Prize Donations For Holiday Raffle Still Needed!

Last but not least, our CUPAC/CULAC Holiday Raffle has kicked off and runs from November 1st to December 1st. We are still a little short of our $5,000 prize donation goal – which helps us maximize our raffle proceeds. Please consider donating $100-$1,000 towards our prize offerings. Even just a small donation helps and is appreciated, contact Deb Kruckenberg to make a donation. Thank you to all that have already made a donation!

If you have any questions about advocacy issues or our Holiday Raffle, don’t hesitate to contact me!

 

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