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NAFCU continues to monitor Congressional movement on the nomination of current NCUA Board Chairman Todd Harper to a full term on the NCUA Board. In addition, the association will keep credit unions updated as the expiration of the continuing resolution, passed in December, steadily approaches in February. Members of both chambers have revealed they are getting closer to a deal in setting the spending number for an appropriations package to fund the government and avoid a shutdown on Feb. 18.

The Financial Accounting Standards Board (FASB) is set to meet this Wednesday to reconsider the accounting guidance for troubled debt restructurings (TDRs) based on they’ve feedback. In addition, FASB will also consider deferring the adoption of the current expected credit losses (CECL) accounting standard for nonpublic entities. NAFCU urged FASB to eliminate the adoption of CECL, citing major credit union concerns with the accounting standard.

Items of note happening this week include:

• Wednesday, the House Financial Services Committee will hold a virtual hearing addressing challenges in serving people experiencing homelessness;
• Thursday, the House Financial Services Committee will hold another virtual hearing on addressing financial barriers to minority and women-owned businesses’ involvement in infrastructure projects; and
• Thursday, a Senate Banking Committee nomination hearing for three nominees to the Federal Reserve Board including Sarah Bloom Raskin, Lisa DeNell Cook, and Philip Nathan Jefferson. Raskin has been nominated to be the new Vice Chairman for Supervision.

Of note, NAFCU is preparing to host its Virtual BSA School February 8-10. The event will help attendees gain a solid understanding of core Bank Secrecy Act (BSA) knowledge, in addition to the tools and foundational know-how to fortify their credit union's BSA/AML program. During the event, attendees will also have the opportunity to earn the prestigious NAFCU Certified Bank Secrecy Officer (NCBSO) designation. Read more about the event.

Stay tuned to NAFCU Today for the latest out of Washington.