- Gary Condit
- Director, Assurance & Business Advisory Services
- (614) 947-5272
In connection with our ongoing commitment to stay abreast of current industry events, GBQ had a number of professionals in attendance at the 2017 AICPA Credit Union conference in October. I thought you might be interested in some of the key issues that were presented and discussed. Please feel free to reach out to us if you have any questions or we can be of assistance to you and your credit union with any of these matters.
Larry Fazio, Director Office of Examination and Insurance of NCUA was on-hand this year and provided a summary of the key initiatives of NCUA as follows:
Bank Secrecy Act Compliance –
Internal Controls and Fraud–
Interest Rate Risk (IRR) and Liquidity
Revised Interest Rate Risk Supervision).
Current Expected Credit Loss (CECL)
This was also a major topic throughout the conference. It is imperative that credit unions begin the assembly of data for these calculations. The required implementation date is effectively in 2021, but waiting until then to consider the ramification would be a huge mistake. GBQ Partners LLC plans to present further recommendations on how to prepare in future alerts. Please keep your eyes out for them.
GBQ Partners LLC
Our Credit Union service specialists have well in excess of 100 years of industry experience in helping credit unions through accounting, compliance, regulatory, IT and a number of other complex areas. Our IT professionals have already been using the FFIED Cybersecurity Assessment Tool to assist our clients evaluate and implement risk monitoring tools, our compliance professionals are up to date and accredited, and our accounting professionals live in the credit union space every single day. If you have questions or need assistance please do not hesitate to contact us.
Article written by:
Gary Condit, CPA