Credit Unions | Albin, Randall and Bennett

Considerations for ALLL Calculations and Regulatory Updates Affecting Credit Unions

When the economy is stable and it’s “business as usual,” it’s reasonable to assume historical experience can be used in estimating future outcomes. Conversely, periods of instability can have a profound impact on things like loan collectability, delinquency, and risk. And 2020 has proven to be anything but a “stable” year.  A plethora of uncertainty


FinCEN Issues BSA/AML Due Diligence Guidance for Hemp-Related Businesses

On June 29th, the Financial Crimes Enforcement Network (FinCEN) issued new guidance in an effort to expand the financial services available to hemp-related businesses and increase reporting transparency. The guidance clarifies the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) regulatory requirements surrounding customer due diligence (CDD) for hemp-related businesses, and it explains Suspicious Activity Reporting (SAR) and


NCUA Issues Annual Letter to Credit Unions for 2020

On January 7, 2020, the National Credit Union Administration (NCUA) issued its annual letter to credit unions. The 2020 letter discusses supervisory priorities in preparing for NCUA examinations and statutory and regulatory updates. Supervisory Priorities for 2020 Bank Secrecy Act (BSA) and Anti-Money-Laundering (AML) Compliance – There are numerous improvement efforts in the works for


Cybersecurity: Is Your Data Safe?

It’s no secret that incredible technological strides in banking have been made over the past decade. The benefits we experience with new technologies and the evolution of cloud computing – from the instant gratification of mobile banking to interoffice and global communications – also present heightened areas of risk. We are increasingly reliant on information


FASB Delays Effective Date for CECL

We have been closely following as the complex legislative journey of CECL unfolds. When the CECL method was initially introduced, the Financial Accounting Standards Board (FASB) outlined a timeline for implementation, but after comments from the industry, the FASB realized additional time was needed to analyze the standard and review calculation options, thus adjusting the