House Panel to Review CECL, FCC to Consider Reassigned Numbers Database

A number of issues of importance to credit unions are set for discussion this week on Capitol Hill.

A House Financial Services subcommittee will discuss the potential impact of the current expected credit loss (CECL) accounting standard, and the Federal Communications Commission (FCC) will consider a rulemaking to create a single, reassigned numbers database to aid in the elimination of illegal robocalls.

In addition, the NCUA Board will meet Thursday and is set to discuss regulatory relief efforts and blockchain technology.

Tomorrow, the House Financial Services Subcommittee on Financial Institutions and Consumer Credits will hear from a panel of experts on how companies will be affected by the Financial Accounting Standards Board's (FASB) CECL standard. The hearing is set to begin at 2 p.m.  

FASB issued a final update recently to clarify the effective date for its CECL standard, making clear that credit unions would not need to begin reporting data on call reports until the beginning of 2022.

The FCC is scheduled to move forward Wednesday with a rulemaking to create a reassigned numbers database.

CUNA has worked with the FCC over the past several years to obtain more clarity and flexibility under the Telephone Consumer Protection Act (TCPA) so credit unions can contact their members without fear of breaking the law. CUNA has also called for the FCC to take a narrower approach to defining an automatic telephone dialing system (ATDS).

The House and Senate are expected to continue work on government funding legislation, including the financial services and general government (FSGG) appropriations measure. A partial government shutdown was averted last week with the passage of a two-week stopgap funding bill, which was subsequently signed by the president. The House may also continue its work on year-end tax legislation.

Tomorrow, the Senate Banking Committee will hold an oversight hearing on the Securities and Exchange Commission (SEC) and the House Financial Services Committee will hold a hearing on the nation's national debt.

Wednesday, a House Financial Services subcommittee will hold a hearing on international financial institutions and the House Education and Workforce Committee will hold a hearing on the impacts of a mandatory $15 minimum wage on workers and small businesses.