The NAFCU Journal July - August 2017 - 6

INSIDE NAFCU

Speak and Be Heard

N

than 107 million credit union members
nationwide. When you tell your story,
lawmakers can better understand, from
their constituents' point of view, the
need for change.

Plan now to attend the 2017 event
- Sept. 10-13, in Washington, D.C. -
and advocate for your credit union.
Your voice can help to stop harmful
regulatory burdens and educate government leaders on the credit union issues
that matter to you - and to the more

These are especially important steps in
2017, when everything is on the table
in Washington. As the voice for your
credit union, you can help to ensure
the tax exemption is untouched during
this year's tax reform battles and that
Congress tackles the overzealous regulatory burdens making it difficult to serve
credit union members. In fact, once

AFCU's Congressional Caucus
is the credit union lobbying
event of the year, bringing
together hundreds of credit
union leaders with lawmakers and
prominent congressional and financial
industry leaders.

NAFCU-Sponsored CECL
Study Gives Guidance

A

NAFCU-sponsored study
released this spring outlines
key qualities and trade-offs for
a variety of models for implementation of the Financial Accounting
Standards Board's current expected
credit loss accounting standard, which
starts taking effect for credit unions in
fiscal years beginning after Dec. 15, 2020.

NAFCU President and CEO Dan Berger
said the purpose of the study, available to
all credit unions, is to help credit unions
make some of the hard choices they will
face in implementing the new standard.
"Due to the sweeping nature of the proposed changes credit unions will have to
endure under this new accounting standard, NAFCU has cosponsored this study
to provide critical data and information to
help credit union CEOs and their teams
6

equipped, your strong voice will urge
lawmakers to address each key issue for
credit unions.
No other event offers credit union CEOs,
presidents, C-level executives, board
and supervisory committee members,
compliance and government affairs executives - essentially anyone passionate
about credit unions - a more personal
and direct connection with lawmakers
than NAFCU's Congressional Caucus.
Register today.
Source: nafcu.org/caucus

CECL STUDY:
Alternatives, Impacts, Accuracy, and Complexity

work with the preferred model for their
institutions," said Berger. "This study will
also help credit unions answer some of
the most commonly asked questions they
are likely to confront regarding the new
accounting standard."
STUDY BY

In June 2016, FASB issued its CECL
accounting standard, which requires
that "life of loan" estimates be recorded
at a loan's origination or purchase. Early
adoption is permitted for all entities for
fiscal years beginning after Dec. 15, 2018.
The CECL standard allows some flexibility in selecting an estimation method;
the NAFCU-sponsored study includes
several types of models: time series, roll
rate, vintage, state transition and discrete
time survival. Each of these models was
tested against a common loan portfolio
consisting of large data sets of conforming

SPONSORED BY

mortgage loans from Fannie Mae and
Freddie Mac. Each also incorporates a
discount cash flow approach, an option
provided in FASB's guidelines for CECL.
The study, conducted by Deep Future
Analytics, was sponsored by NAFCU,
Allied Solutions and OnApproach.
Joseph L. Breeden, Ph.D., founder and
CEO of Prescient Models LLC, led the
research team. (To get the study, go to
www.nafcu.org/research/cecl-study.)
THE NAFCU JOURNAL JULY-AUGUST 2017


http://www.nafcu.org/caucus http://www.nafcu.org/research/cecl-study

Table of Contents for the Digital Edition of The NAFCU Journal July - August 2017

Our First 50 Years
Events Calendar
From the Chair
Inside NAFCU
The Digital Download
How Secure Is Your Credit Union?
The Bank Secrecy Act
2017 Annual NAFCU Award Winners
2016 NAFCU Annual Report
Getting to Know …
Management Insight
Compliance Central
Inside NAFCU Services
From the President’s Desk
The NAFCU Journal July - August 2017 - Cover1
The NAFCU Journal July - August 2017 - Cover2
The NAFCU Journal July - August 2017 - 1
The NAFCU Journal July - August 2017 - Our First 50 Years
The NAFCU Journal July - August 2017 - Events Calendar
The NAFCU Journal July - August 2017 - From the Chair
The NAFCU Journal July - August 2017 - 5
The NAFCU Journal July - August 2017 - Inside NAFCU
The NAFCU Journal July - August 2017 - 7
The NAFCU Journal July - August 2017 - 8
The NAFCU Journal July - August 2017 - 9
The NAFCU Journal July - August 2017 - 10
The NAFCU Journal July - August 2017 - 11
The NAFCU Journal July - August 2017 - 12
The NAFCU Journal July - August 2017 - 13
The NAFCU Journal July - August 2017 - The Digital Download
The NAFCU Journal July - August 2017 - 15
The NAFCU Journal July - August 2017 - How Secure Is Your Credit Union?
The NAFCU Journal July - August 2017 - 17
The NAFCU Journal July - August 2017 - 18
The NAFCU Journal July - August 2017 - 19
The NAFCU Journal July - August 2017 - 20
The NAFCU Journal July - August 2017 - 21
The NAFCU Journal July - August 2017 - The Bank Secrecy Act
The NAFCU Journal July - August 2017 - 23
The NAFCU Journal July - August 2017 - 24
The NAFCU Journal July - August 2017 - 25
The NAFCU Journal July - August 2017 - 26
The NAFCU Journal July - August 2017 - 27
The NAFCU Journal July - August 2017 - 28
The NAFCU Journal July - August 2017 - 29
The NAFCU Journal July - August 2017 - 2017 Annual NAFCU Award Winners
The NAFCU Journal July - August 2017 - 31
The NAFCU Journal July - August 2017 - 32
The NAFCU Journal July - August 2017 - 33
The NAFCU Journal July - August 2017 - 34
The NAFCU Journal July - August 2017 - 35
The NAFCU Journal July - August 2017 - 36
The NAFCU Journal July - August 2017 - 2016 NAFCU Annual Report
The NAFCU Journal July - August 2017 - 38
The NAFCU Journal July - August 2017 - 39
The NAFCU Journal July - August 2017 - 40
The NAFCU Journal July - August 2017 - 41
The NAFCU Journal July - August 2017 - 42
The NAFCU Journal July - August 2017 - 43
The NAFCU Journal July - August 2017 - 44
The NAFCU Journal July - August 2017 - 45
The NAFCU Journal July - August 2017 - 46
The NAFCU Journal July - August 2017 - 47
The NAFCU Journal July - August 2017 - Getting to Know …
The NAFCU Journal July - August 2017 - 49
The NAFCU Journal July - August 2017 - Management Insight
The NAFCU Journal July - August 2017 - 51
The NAFCU Journal July - August 2017 - Compliance Central
The NAFCU Journal July - August 2017 - 53
The NAFCU Journal July - August 2017 - Inside NAFCU Services
The NAFCU Journal July - August 2017 - 55
The NAFCU Journal July - August 2017 - From the President’s Desk
The NAFCU Journal July - August 2017 - Cover3
The NAFCU Journal July - August 2017 - Cover4
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