Federal Financial Regulatory Agencies Seek Comment on Proposed Interagency Policy Statement on Allowances for Credit Losses and Proposed Interagency Guidance on Credit Risk Review Systems

Four federal financial regulatory agencies today requested comment on a proposed Interagency Policy Statement on Allowances for Credit Losses. This proposed policy statement is intended to promote consistency in the interpretation and application of the Financial Accounting Standards Board’s (FASB) credit losses accounting standard, which introduces the current expected credit losses (CECL) methodology.

The proposed interagency policy statement describes the measurement of expected credit losses using the CECL methodology and updates concepts and practices detailed in existing supervisory guidance that remain applicable. CECL is effective for most public financial institutions beginning in 2020, and the FASB recently decided to defer the effective date of CECL for all other institutions to 2023. The proposed interagency policy statement would be effective at the time of each institution’s adoption of the credit losses accounting standard.

The agencies also are requesting comment on the proposed Interagency Guidance on Credit Risk Review Systems. The guidance presents principles for establishing a system of independent, ongoing credit risk review in accordance with safety and soundness standards.

The proposals were issued by the Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency. Comments on each proposal will be accepted for 60 days after publication in the Federal Register.

Attachments:
Proposed Interagency Policy Statement on Allowances for Credit Losses
Proposed Interagency Guidance on Credit Risk Review Systems

Agency Contact Phone
Federal Reserve Board Darren Gersh 202.452.2955
FDIC Julianne Fisher Breitbeil 202.898.6895
NCUA John Fairbanks 703.518.6336
OCC Stephanie Collins 202.649.6870

Chairman Hood: CFPB Final HMDA Rule “Positive News for Credit Unions”

ALEXANDRIA, Va. (Oct. 11, 2019) – National Credit Union Administration Chairman Rodney E. Hood today welcomed the Consumer Financial Protection Bureau’s final rule providing regulatory relief to smaller financial institutions under the Home Mortgage Disclosure Act.

“This is positive news for small credit unions,” Hood said. “Regulators need to stay mindful of the reporting burdens we place on smaller institutions, and we should always work to tailor rules appropriately. This will allow small credit unions to focus resources on serving their member-owners, not burdensome government regulations.”

The Bureau’s final rule extends until Jan. 1, 2022, the current temporary coverage threshold of 500 open-ended lines of credit. Financial institutions that originate fewer than 500 open-end lines of credit in 2020 and 2021 will not need to collect and report data on those.

“Laying a Strong Foundation for the Future”

NCUA Chairman Hood Marks Six Months at Agency’s Helm

ALEXANDRIA, Va. (Oct. 8, 2019) – National Credit Union Administration Chairman Rodney E. Hood today released a six-month progress report on his efforts since he took office.

“We are laying a strong foundation for the future of the credit union system,” Hood said. “I also believe it is important that credit union stakeholders can track NCUA’s progress.”

The progress report summarizes the NCUA’s recent initiatives that continue the agency’s regulatory reform agenda, as well as collaboration efforts and stakeholder engagement.

“Since I was sworn in six months ago, regulatory reform has been among my top priorities,” Hood said. “We all agree that clear rules create confidence, fairness, and accountability. We need well-crafted regulations to ensure the safety and soundness of the credit union system. That’s why I want to see a regulatory system that is effective, but not excessive. We are making progress towards that goal.”

Smart Decision, Inc. Begins to Negotiate Letters of Intent With the Most Respected CBD Brands for Upcoming CBDSMARTDECISION.COM Algorithm

BOCA RATON, Florida, Oct. 8, 2019 /PRNewswire/ — Smart Decision, Inc. (OTCPK: SDEC), a next-generation consumer-based LED & CBD algorithm innovator, is pleased to announce that it has begun to negotiate with several of the top CBD brands in the industry, with LOI’s to be reported.

“Now that we are hard at work in the development stage of our CBD algorithm, we’ve been speaking to quite a few major CBD brands to enable them to be ‘first out of the gate’ in using our upcoming CBD algorithm with their own products. Not only will this make it easier for consumers to navigate their CBD products efficiently, but will also help clear up the everyday confusion of purchasing the right CBD for their needs,” said Adam Green, CEO of Smart Decision, Inc.

Eric Gutmann, Treasurer & Secretary of Smart Decision, Inc. further states that, “We have the benefit of speaking to CBD companies that are truly industry pioneers. These are companies that have proven themselves to not only sell great CBD product, but be on the forefront of consumer education. At the end of the day, working with the top CBD companies, will only make our upcoming algorithm even more rewarding for the consumer.”

Smart Decision, Inc. will provide further details on brand partnerships in the coming months.

About Smart Decision Inc. 

Smart Decision Inc. has researched and is developing algorithms for the consumer and business LED Lighting and CBD markets. With their patent-pending “Smart Decision” algorithms, the confusion of selecting the right product(s), whether for LED or CBD, will be significantly reduced. Ultimately, Smart Decision Inc. believes that selecting the right product the first time, dramatically cuts down on product returns and creates of positive purchasing experience for the consumer. 

About OTC Markets Group Inc.

OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX Best Market, the OTCQB Venture Market and the Pink Open Market for 10,000 U.S. and global securities. Through OTC Link ATS and OTC Link ECN, we connect a diverse network of broker-dealers that provide liquidity and execution services. We enable investors to easily trade through the broker of their choice and empower companies to improve the quality of information available for investors. 

Forward-Looking Statements 

This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to access to capital, liquidity, increased visibility, our growth strategy and product development, updates on the CRADA, and any other statements that are not historical facts. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated are: risks related to our growth strategy; risks relating to the results of research and development activities; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; our dependence on third-party suppliers and partners; our ability to attract, integrate, and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. Important factors that may cause the actual results to differ from those expressed within may include, but are not limited to: the success or failure of Smart Decision’s efforts to successfully market its camera; systems, other products and services as scheduled; Smart Decision’s ability to attract and retain quality employees; the effect of changing economic conditions; increased competition; the ability of Smart Decision to obtain adequate debt or equity financing. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.

For more information, please contact:  
Adam Green, CEO  
Number: +1-(877)-26-SMART  
Email: [email protected]    
Corporate Website: http://smartdecisioninc.com
Consumer Website: https://cbdsmartdecision.com

SOURCE Smart Decision, Inc.

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NCUA Extends Deadline to Qualify for Streamlined CDFI Application to Nov. 30

Agency Reminds Credit Unions to be Aware of Changes to Certification Rules

ALEXANDRIA, Va. (Oct. 7, 2019) – The National Credit Union Administration has extended the deadline for federally insured, low-income credit unions that want to become certified Community Development Financial Institutions to apply for qualification to use the agency’s streamlined CDFI certification process.

The deadline is now Nov. 30.

This will be the final opportunity to take advantage of the streamlined certification process in 2019.  

Credit unions need to be aware the U.S. Treasury Department has announced important changes to the Community Development Financial Institution and the Native American CDFI Assistance programs. Beginning with the FY2020 application round, credit unions must be certified as CDFIs no later than the date the Notice of Funds is published in the Federal Register.

The agency’s Office of Credit Union Resources and Expansion hosts a resource page with details about CDFI certification and the streamlined process. The agency’s application guide has the necessary instructions for the qualification process. The Community Development Financial Institutions Fund’s webpage offers information about the benefits of CDFI certification.

Developed by the NCUA and the CDFI Fund, the streamlined application process has helped 50 credit unions obtain certification as community development financial institutions.

Reminder: Oct. 15 deadline approaching for taxpayers who requested extensions

IRS YouTube Videos:

Reminders for Extension Filers-Oct. 15 – English | Spanish | ASL

IR-2019-163, October 7, 2019

WASHINGTON — Taxpayers who requested the six-month filing extension should complete their tax returns and file on or before the Oct. 15 deadline. Convenient electronic filing options, including IRS  Free File, are still available.

Filing electronically is easy, safe and the most accurate way to file taxes. There are a variety of electronic filing options. Those options include having tax returns prepared at a Volunteer Income Tax Assistance or Tax Counseling for the Elderly site, purchasing commercial software or choosing a reputable tax professional who is also an authorized e-file provider.

About 15 million taxpayers filed for an extension this year. Although Oct. 15 is the last day for most people to file, some may have more time. They include:

  • Members of the military and others serving in a combat zone. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due.
  • Taxpayers in federally-declared disaster areas who already had valid extensions. For details, see the disaster relief page on IRS.gov.

Extension filers can file when they are ready and don’t have to wait until Oct. 15 to file. Taxpayers who did not request an extension and have yet to file a 2018 tax return can generally avoid additional penalties and interest by filing the return as soon as possible and paying any taxes owed.

New Form 1040

Form 1040 has been redesigned for tax year 2018. The revised form consolidates Forms 1040, 1040A and 1040-EZ into one form that all individual taxpayers will use to file their 2018 federal income tax return.

The new form uses a “building block” approach that can be supplemented with additional schedules as needed. Taxpayers with straightforward tax situations will only need to file the Form 1040 with no additional schedules. People who use tax software will still follow the steps they’re familiar with from previous years. Since nearly 90 percent of taxpayers now use tax software, the IRS expects the change to Form 1040 and its schedules to be seamless for those who file electronically.

Recordkeeping and adjusted gross income

As a reminder, taxpayers should keep a copy of their tax returns and supporting documents for a minimum of three years. Some taxpayers using a tax-filing software product for the first time may need their adjusted gross income amount from their prior-year tax return to verify their identity.

Taxpayers using the same tax software they used last year will not need to enter their prior year information to electronically sign their 2018 tax return. Taxpayers can learn more about how to verify their identity and electronically sign tax returns at Validating Your Electronically Filed Tax Return.

Payment options

IRS Direct Pay offers taxpayers a fast way to pay what they owe. Direct Pay is free and allows individuals to securely pay their tax bills or make quarterly estimated tax payments online directly from checking or savings accounts without any fees or pre-registration.

Taxpayers can also pay by debit or credit card. While the IRS does not charge a fee for this service, the payment processer does. Other payment options include the Electronic Federal Tax Payment System (enrollment is required) and electronic funds withdrawal which is available when e-filing. Taxpayers can also pay what they owe using the IRS2Go mobile app. Those choosing to pay by check or money order should make the payment out to the “United States Treasury.”

Eligible taxpayers can set up an online payment agreement in a matter of minutes to pay tax, interest and penalties they may owe. There is no application fee to setup payment plans lasting 120 days or less. In 2019, over 1 million agreements were set up by taxpayers online.

Individual taxpayers can go to IRS.gov/account and login to view their balance, payment history, pay their taxes and access tax records through Get Transcript. Before setting up an account, taxpayers should review Secure Access: How to Register for Certain Online Self-Help Tools to make sure they have the information needed to verify their identities.

Prepare for next year − Do a ‘Paycheck Checkup’ now

The IRS also urges extension filers to do a “Paycheck Checkup” now. It helps make sure the right amount is being withheld from their checks following tax reform. If a change is needed, there’s still time to adjust withholding during the last quarter of the year.

Taxpayers can use the Tax Withholding Estimator to approximate their 2019 income taxes and proper withholding. The tool compares the estimate to current withholding to help taxpayers decide if they want to change that amount with their employer. Taxpayers should have their 2018 tax return available when using the tool to estimate income, deductions, adjustments and credits for 2019. They will also need their most recent pay stub to compute the amount of withholding so far this year.

With major changes made by the Tax Cuts and Jobs Act, the IRS encourages taxpayers seeking more information on tax reform to review Publication 5307, Tax Reform: Basics for Individuals and Families (PDF),  and Publication 5318, Tax Reform What’s News for Your Business (PDF). For other tips and resources, visit IRS.gov/taxreform. The IRS reminds taxpayers they have a variety of options to get help filing and preparing their tax returns on IRS.gov, the official IRS website. Taxpayers can find answers to their tax questions and resolve tax issues online. The Let Us Help You page helps answer most tax questions, and the IRS Services Guide (PDF) links to these and other IRS services.

Label Printing Machines Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 – 2027

NEW YORK, Oct. 3, 2019 /PRNewswire/ —

Label Printing Machines Market – Scope of the Report

[186 Pages Report] the analyst, in its recently published report, sheds light on the growth of the label printing machines market over the course of the forecast period of 2019-2027. This business study outlines the key trends and significant developments that are observed in the label printing machines market. In addition to this, the global study also provides market intelligence about the label printing machines landscape by taking into consideration the key drivers, threats, restraints, and opportunities.

Read the full report: https://www.reportlinker.com/p05817533/?utm_source=PRN

This comprehensive guide offers an incisive view of the demand and supply of label printing machines. This comprehensive business study also offers information regarding the macroeconomic and microeconomic factors that could aid in comprehending the growth potential of the label printing machines market during the forecast period of 2019-2027.

The size of the label printing machines market is evaluated in terms of value (US$ Mn) and volume (Thousand Units).The information covered in this study on the label printing machines market will help stakeholders identify lucrative opportunities for business advancement.

This comprehensive guide outlines the key market players operating in the label printing machines market, in order to offer key actionable insights regarding the strategies adopted by them, so as to aid them in gaining an upper hand in the competitive landscape. This exclusive research report also offers a detailed overview of the market players, along with their financials, strategies, and notable developments.

Label Printing Machines Market – Key Questions Answered

The global study on the label printing machines market encapsulates an overview, presenting rare and distinguishing insights that cover information culled from a microscopic as well as macroscopic level of the market study. This exclusive research report also provides salient answers to crucial questions concerning stakeholders in the label printing machines market. Some of the crucial questions answered in this comprehensive research report are:
What is the label printing machine demand scenario in terms of volume and value?
How will the label printing machines market evolve during the forecast period of 2019-2027?
What are the key restraints and threats observed by market players operating in the label printing machines market?
What are the crucial macroeconomic as well as microeconomic trends catapulting the growth of the label printing machines market?
Label Printing Machines Market – Research Methodology

A robust research methodology, combining primary and secondary research, was employed to compile this report.For conducting primary research, significant opinion leaders, key market players, manufacturers, distributors, key opinion leaders, and business heads were interviewed.

In order to conduct secondary research, company annual reports, financial reports, publications, and press releases were referred to.

Label Printing Machines Market – Segmentation

This comprehensive market study on the label printing machines market offers a comprehensive analysis of the attractiveness of the label printing machines market by assessing the key segments. The global business study also covers a country-wise assessment, with a view to comprehend the growth of the label printing machines market.

Each of these segments have been analyzed and studied in this comprehensive report, with a view of offering actionable insights regarding the future growth of the label printing machines market.This detailed guide on the label printing machines market offers the historical, current, and futuristic trends shaping the growth of the landscape.

In addition to this, this detailed guide also presents crucial information on the value chain, Y-o-Y growth, and supply chain.

Read the full report: https://www.reportlinker.com/p05817533/?utm_source=PRN

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.

__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001

SOURCE Reportlinker

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NCUA: Cybersecurity Awareness Month a Reminder about Staying Safe Online

ALEXANDRIA, Va. (Oct. 1, 2019) – Financial losses due to cybercrime reached $2.7 billion in 2018, and during National Cybersecurity Awareness Month, the National Credit Union Administration is reminding credit union industry stakeholders to remain vigilant.

“In this day and age, cybersecurity is everyone’s business,” NCUA Chairman Rodney E. Hood said. “Hackers and thieves do not rest, and the NCUA is committed to leadership in detection and response to cyber threats. We expect credit unions to take appropriate measures to protect themselves and their members, and we provide numerous information resources to help them do that job. Earlier this year, I named a special advisor, who reports directly to me, to coordinate our efforts. I hope everyone in our industry will continue working to keep our financial system, and the millions of Americans who entrust their assets to us, safe.”

Cybersecurity remains a supervisory priority for the NCUA, and the agency puts special emphasis on:

  • Advancing consistency, transparency and accountability within the cybersecurity examination program;
  • Encouraging due diligence for supply chain and third-party service provider management at credit unions;
  • Assisting institutions with resources to improve operational hygiene and resilience; and
  • Ensuring NCUA’s systems and collected controlled unclassified information is secure.

The agency maintains a cybersecurity resources webpage to provide credit unions with important information, including regulations and guidance, about protecting themselves and their members from cyber threats.

During Cybersecurity Awareness Month, the NCUA will share tips on its Facebook page and on Twitter about online security, recognizing and preventing identity theft, and what consumers can do if they fall victim to a cybercrime. The NCUA provides consumers with information on staying safe in the Be Smart Online section of MyCreditUnion.gov.

National Cyber Security Awareness Month is a collaborative effort by government, non-profit, and industry stakeholders to ensure Americans have the necessary information to help them stay more secure online. The NCUA has joined the U.S. Department of Homeland Security’s efforts with the National Cyber Security Alliance’s Stay Safe Online initiative to raise awareness and encourage vigilance. 

NCUA Hosting Diversity, Equity, and Inclusion Summit Nov. 6

ALEXANDRIA, Va. (Oct. 2, 2019) – The National Credit Union Administration is inviting credit unions to its first annual Credit Union Diversity, Equity, and Inclusion Summit on Wednesday, Nov. 6, in Alexandria.

“I am delighted to announce this event, and I hope credit unions will join us for an important conversation,” NCUA Chairman Rodney E. Hood said. “I have described financial inclusion as the civil rights issue of our time, and by ‘inclusion,’ I mean not only broader access to affordable financial services, but also to employment and business opportunities. Our country is going through a period of profound demographic change, and our financial system should be leading efforts to respond to that change.”

Details about the Summit and registration are available on the NCUA.gov website. There is no charge for this event; however, seating is limited.

Chairman Hood and NCUA Board Members J. Mark McWatters and Todd M. Harper will address the Summit. The event will include panel discussions on best practices for promoting diversity, equity, and inclusion; on recruiting and retaining a diverse workforce; and on collecting diversity data. There will also be a demonstration of the NCUA’s credit union diversity self-assessment, which helps credit unions identify opportunities to strengthen diversity and inclusion policies and practices within their organizations.

“These efforts are at the very core of the credit union idea of ‘people helping people,’” Hood said. “Credit unions are stronger, and they serve their members and communities better, when they promote greater diversity, equity, and inclusion as part of their business model.”

Center Valley Federal Credit Union Closes

ALEXANDRIA, Va. (February 13, 2009) – The National Credit Union Administration (NCUA) placed Center Valley Federal Credit Union of Wheeling, West Virginia, into liquidation Friday, February 13, 2009.

The NCUA Asset Management and Assistance Center will issue checks to individuals once they have verified the balances in share accounts in the Center Valley Federal Credit Union. Through the NCUA National Credit Union Share Insurance Fund, credit union members’ deposits are insured to at least $250,000 on regular accounts and $250,000 on certain retirement accounts.

NCUA made the decision to liquidate Center Valley Federal Credit Union and discontinue its independent operation after determining that the credit union is insolvent and has no prospects for restoring viable operations. At the time of liquidation, the credit union served 3,150 members and had deposits of approximately $8 million. This is the second federally insured credit union to close in 2009.

NCUA chartered Center Valley Federal Credit Union in 1975 to serve employees of the Ohio Valley Medical Center in Wheeling, West Virginia, and the underserved area known as South Wheeling.