California and Nevada's voice in Washington D.C. The Leagues are the only Leagues with a full time staff dedicated to working with Congress, Government Agencies, and Federal Regulators. The resources in this area will help you keep informed of the latest developments and credit union priorities.
State Government Advocacy efforts brings the voice of credit unions to Sacramento and Carson City. Our advocacy team works daily with elected officials, staff, the executive offices, gubernatorial appointees, and the decision-makers of California and Nevada. This area will keep you updated on all advocacy efforts at the state level of Government.
The OSCUI Grant Program serves as a source of financial support in the form of technical assistance grants for credit unions serving predominantly low-income members. It also serves as a source of funding to help low-income designated credit unions (LICUs) respond to emergencies arising in their communities.
There will be various application open periods from Jan. 1 to Dec. 31 for different grant initiatives offered throughout the year.
From Feb. 3-14, OSCUI will accept applications from credit unions under the first 2014 grant round. The first grant round will include initiatives for student interns, new products and services, and Community Development Financial Institution (CDFI) certification applications.
OSCUI intends to offer additional grant round funding throughout the year under this NOFO. Information about the OSCUI Grant Program—including more details regarding the first 2014 grant round, other funding initiatives, amount of funds available, funding priorities, permissible uses of funds, funding limits, deadlines and other pertinent details—are periodically published in NCUA Letters to Credit Unions, in the OSCUI e-newsletter, and on the NCUA’s website at www.ncua.gov/OSCUI/GrantsandLoans.
On Dec. 24, the Financial Accounting Standards Board (FASB) issued FASB Accounting Standards Update (ASU) No. 2013-12, Definition of a Public Business Entity: An Addition to the Master Glossary.
The current Master Glossary within the FASB Accounting Standards Codification includes multiple definitions of the terms “nonpublic entity” and “public entity.” The new ASU improves U.S. Generally Accepted Accounting Principles (GAAP) by providing a single definition of public business entity for use in future financial accounting and reporting guidance. The definition does not affect existing requirements.
FASB and the Private Company Council (PCC) also issued the final Private Company Decision-Making Framework: A Guide for Evaluating Financial Accounting and Reporting for Private Companies (the Guide). The Guide is intended to assist the FASB and the PCC in determining whether and when to provide alternative recognition, measurement, disclosure, display, effective date, or transition guidance for private companies reporting under U.S. GAAP.
The California and Nevada Credit Union Leagues strongly supported the proposed definition of a public business entity, as the definition excludes credit unions. Since credit unions are not public business entities, they are included in the scope of the private company Guide and its potential financial accounting and reporting alternatives.
FASB acknowledges that decisions about whether an entity may apply permitted differences within U.S. GAAP ultimately may be determined by financial institution regulators (NCUA and/or state regulators), lenders and other creditors, or other financial statement users that may not accept financial statements that reflect accounting or reporting alternatives for private companies.
The Leagues urged FASB to work closely with regulatory agencies, including the NCUA, so eligible credit unions can take full advantage of any appropriate flexibility in financial reporting under U.S. GAAP.
For more information regarding the “Definition of a Public Business Entity” or “the Guide,” click on the links above, or access the FASB in Focus news release.
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