What We’ve Seen in 2021: + Credit unions have faced many challenges from the COVID-19 pandemic in the last couple years causing more remote work, struggling to keep a full complement of staff, closed lobbies, drive-thru only services, and appointment only services. + With the uncertainties concerning the pandemic, credit unions saw a rise in...

As you already know, the agreed-upon procedures engagements we perform are based on the minimum procedures required by NCUA Regulation Part 715 to be performed annually for credit unions over $10 million in assets. These procedures were adopted in 1999 and have not changed since then. The time has finally arrived, and 20 years later,...

The IRS is conducting compliance checks into whether the credit union taxpayers are adhering precisely to information reporting requirements regarding unrelated business income. Very specifically, they are looking at income from the sale of insurance products, financial service products and ATM transaction fees.  Compliance checks are reviews to determine whether a taxpayer is strictly adhering...

What we have seen in 2018: + Credit unions have seen a rise in profitability continue to stabilize in 2017 when compared to the prior year. Through the first six months of 2018, credit unions have maintained a return on assets of 0.90%, up 14 basis points from a year ago. + For the first...

What We Have Seen in 2017 Credit unions have seen their profitability continue to stabilize in 2017 when compared to 2012. Through the first six months of 2017, credit unions have maintained a return on assets of 0.76% which is almost what it was a year ago. For the first half of 2017 the interest...

In June of 2016 the Financial Accounting Standards Board (FASB) finally issued its pronouncement on the Current Expected Credit Loss (CECL). Although this pronouncement does not go into effect until the year 2021 this is not something you should put on the back burner. CECL is going to take time and planning in order to...