CCUL Headlines: Political

NC lawmakers continue push for CECL relief, ADA guidance

Thursday, August 8, 2019   (0 Comments)
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Rep. Budd's Legislative Director Tyler Haymore with CCUL President/CEO Dan Schline during a visit Aug. 5.

Haymore visiting with State Employees' Credit Union President/CEO Mike Lord and SVP Warren Peacock.

Letters are often considered an outdated form of communication except in the case of appealing to regulatory agencies. North Carolina lawmakers are penning letters and working hard to advocate for regulatory relief on issues important to credit unions, including CECL and ADA guidance.

Tyler Haymore, legislative director for Congressman Ted Budd (R-NC13) visited the Carolinas Credit Union League’s Raleigh office during congressional recess on August 5. He also visited with State Employees' Credit Union’s President/CEO Mike Lord and Senior Vice President Warren Peacock.

While visiting SECU, Haymore discussed prospects for progress on issues such as data privacy and cryptocurrency. He discussed with League President Dan Schline Congressman Budd’s continued campaign to eliminate application of current expected credit losses methodology (CECL) requirements to credit unions and shared a recent response to his most recent efforts from the Financial Accounting Standards Board (FASB) Chairman Russell Golden. The letter acknowledges FASB’s recent decision to further delay implementation for credit unions and other smaller financial institutions, which is a small victory.

“It doesn’t completely eliminate it though, which would be our preference,” said Haymore.

North Carolina Senator Thom Tillis (R) signed onto a letter that asked the U.S. Department of Justice – again – to clarify compliance with the Americans with Disabilities Act (ADA) for websites. The League and CUNA sought guidance from DOJ over how compliance with ADA is measured. Numerous and costly frivolous lawsuits have been filed that alleged that credit unions’ websites violated ADA because they were inaccessible to persons with disabilities.

This letter, a follow up to a similar one sent in September of 2018, asks the DOJ for information, including steps DOJ has taken since 2018 to resolve the questions around ADA compliance and other steps they intend to take; whether DOJ accepts WCAG 2.0 as an accountable compliance standard; and whether DOJ considered intervening in pending litigation to provide clarity on the issues.

Tillis also signed onto the original letter sent in 2018. He is familiar with the issue because of his work with the Senate committees on banking and judiciary. The League worked with Tillis’ staff to make them aware of the impact these ADA suits have on NC credit unions and their members. 

CCUL Advocacy will continue to monitor and update credit unions on these issues and responses.

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