NAFCU witness Purvis stresses importance of credit unions’ access to secondary market in Senate Banking hearing – CUInsight

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NAFCU witness Chuck Purvis, president and CEO of Coastal Federal Credit Union in Raleigh, N.C., today will emphasize during a Senate Banking Committee hearing the importance of ensuring that any housing finance reform plan preserve credit unions unfettered access to the secondary market, and under fair pricing conditions.

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The House Financial Services subcommittee’s work with the Financial Crimes Enforcement Network’s (FinCEN) customer due diligence (CDD) rule – with a mandatory compliance date of May 11 – is impacting the credit union industry, NAFCU told the agency last week.

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Credit unions more than $10 Million in total assets must follow generally accepted accounting principles (GAAP), which requires the Call Report to be prepared in accordance with GAAP. If the credit union has a wholly owned or majority owned (over 50 percent) credit union service organization (CUSO) it must be consolidated for the call report.

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