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CECL: Three Lines of Defense (additional fee, virtual only)

Oct 17, 2022 8:00am ‐ Oct 17, 2022 10:30am

Identification: CU22101

CECL is fast approaching in 2023 and Credit Unions should be basically ready. Are you? We have been talking about CECL for a decade and finally, adoption day is approaching. Has your institution been running a model during 2022? Have you considered all the other aspects around CECL implementation including the three lines of model, policies, and maturity of risk governance?

Register here for the online workshop

$245

https://www.aicpa.org/cpe-learning/conference/cecl-three-lines-of-defense

Learning Objectives:
  • Determine how to prepare for CECL audit and examination
  • Analyze exposure to risk governance models
Category: Pre-Conference Optional Workshop (Additional Fee)

Opening Remarks | Economic Update

Oct 24, 2022 12:00pm ‐ Oct 24, 2022 1:00pm

Identification: CU2201

Longstanding economic assumptions, relationships and metrics are less relevant in today’s economy. Federal Reserve policy decisions are more obviously fraught with peril. Politics and the political climate have assumed increasing importance. Demographic shifts – with potentially large impacts - have accelerated. In an environment characterized by crisis, uncertainty and complexity these trends are magnified – with important implications for accountants, auditors, and all those interested in credit union operations. Significant labor market improvements have occurred quickly but have been uneven. Ligi will explore these and related themes and will discuss implications for credit unions over the year ahead.

Learning Objectives:
  • Analyze current economic, demographic and policy trends that directly or indirectly impact credit unions' financial performance.
  • Identify high-risk credit unions' financial and accounting areas that are specially vulnerable in this uncertain and highly complex economic environment.
Category: General Session (Onsite and Online)

Digital Assets - It's Not About Bitcoin

Oct 24, 2022 3:30pm ‐ Oct 24, 2022 4:20pm

Identification: CU2204

Despite the recent downturn in cryptocurrency prices that ushered in the current “crypto winter” there is still phenomenal interest and transactions taking place in the space. Today, the focus is still on speculative investing and, unfortunately, a “get-rich-quick” mentality. But where are we going? And what kind of future will we discover there? Surprisingly, the answers lie in our past. This session will explore the many parallels to the early days of the internet, then step forward to take a look at potential future scenarios, including the use of blockchain in real estate.  See this short video for an overview of cryptocurrency:  https://www.pscu.com/video/202...

Learning Objectives:
  • Distinguish the differences between a decentralized coin and a stablecoin
  • Recognize areas that credit unions can (and can't) participate in digital assets
  • Identify 5 "next steps" credit unions can be doing today
Category: General Session (Onsite and Online)

Risks in the Credit Union System Panel Discussion

Oct 25, 2022 8:45am ‐ Oct 25, 2022 10:00am

Identification: CU2206

Over the past several years, risk management has gone through distinct phases in response to COVID, consumer expectations, remote workforce, and regulatory requirements. For this session we have assembled a panel of credit union professionals who are excited to share their experiences in the unique set of demands in developing or enhancing your enterprise risk management program to include responding to the changes in the external environment that has led to extended risk profile, increased fraud threats, and effective mitigating controls. Our panel is comprised of individuals within the credit union and those from the outside. We think this combination will give a rounded look at risk to the credit union system in current and near-future environments.

Learning Objectives:
  • Recognize relevant and trending enterprise risks, and evolution of risk management.
  • Identify mitigating controls that will enhance your ability to manage risk effectively.
Category: General Session (Onsite and Online)

NCUA Regulatory Update

Oct 25, 2022 10:10am ‐ Oct 25, 2022 11:25am

Identification: CU2207

This session provides an update on NCUA’s priorities and concerns in the current economic environment. Topics include the Changing Economic Environment, Interest Rate Risk, Credit Risk, Information Security (Cybersecurity), Fraud, Bank Secrecy Act, CECL Simplified Tool, NCUA’s Regulatory Agenda, and the MERIT Examination Tool.

Learning Objectives:
  • Evaluate NCUA’s priorities and concerns in executing its safety and soundness program
  • Identify the risks and responses to threats to the credit union industry
  • Recognize NCUA’s tools and examination approaches to promote a safe and sound credit union system
Category: General Session (Onsite and Online)

Recent Changes and Updates to the Auditing Standards Impacting US Environment

Oct 25, 2022 12:25pm ‐ Oct 25, 2022 1:40pm

Identification: CU2208

A deep dive into the current changes, updates, and ongoing projects in auditing standard setting to stay on top of today's hot topics and developments. Specifically, the program will cover developments over the past year with respect to various topics. 

Learning Objectives:
  • Identify amendments to standards and the impacts to our audits
  • Recall recently released proposal stage literature
  • Recognize ongoing projects
Category: Concurrent Session (Onsite and Online)

Hot Topics in Regulatory Compliance

Oct 25, 2022 12:25pm ‐ Oct 25, 2022 1:40pm

Identification: CU2209

This year has been harder than most to predict upcoming regulatory changes and examiner areas of focus. While credit unions can anticipate some changes and emphasis in areas such as Bank Secrecy Act, fair lending and UDAAP, other areas like fees are transforming in surprising ways. Please join Doeren Mayhew’s John Zasada as he explores why and how the CFPB’s focus has pivoted, and in turn regulators like the NCUA have followed suit. Additionally, he will discuss evolving areas like websites, overdrafts, the CFPB and more.

Learning Objectives:
  • Indicate areas of examiner focus and regulatory changes on the horizon, and their impact on your credit union.
  • Identify ways to prioritize regulatory compliance risks.
  • Distinguish best practices for developing an ongoing regulatory compliance strategy.
  • Recognize and gain knowledge on today’s evolving regulatory areas.
Category: Concurrent Session (Onsite and Online)

Inflation, the Fed, and Derivatives

Oct 25, 2022 12:25pm ‐ Oct 25, 2022 1:40pm

Identification: CU2210

With extreme uncertainty around the trajectory of inflation, and therefore corresponding Fed policy, managing interest rate risk is of ultimate importance. Following the NCUA’s relaxing of the derivative rule set in May of 2021, this tool is now much more readily accessible and in many instances is the most efficient and practical solution for risk mitigation. This session will explore the recent ruling, how tools such as interest rate swaps, caps and floors can mitigate risk using case studies, and finally the path one follows to establish an appropriately governed derivatives platform within a credit union.

Learning Objectives:
  • Identify board/policy expectations related to permissible instruments, position and counterparty limits, and reporting processes
  • Determine how to devise organizational structure to support the derivative platform as a whole
  • Analyze formulation of various hedging strategies and their balance sheet and income statement impacts
  • Assess real world hedging case studies recently performed by credit union peers
  • Identify practical strategies that could be utilized in respective institutions
Category: Concurrent Session (Onsite and Online)

It's Here! A Stroll through the AICPA CECL Audit and Accounting Guide

Oct 25, 2022 1:50pm ‐ Oct 25, 2022 2:40pm

Identification: CU2211

Join this session for a stroll through the 2021 AICPA CECL A&A Guide. The AICPA CECL task force has been progressing towards the issuance of an AICPA Guide since before the FASB finalized ASU 2016-13, “Financial Instruments: Credit Losses (topic 326), Measurement of Credit Losses on Financial Instruments,” also known as CECL. In 2019, the AICPA issued Practice Aid, “Allowance for Credit Losses —Audit Considerations.” Using the Practice Aid as a starting point, the AICPA CECL A&A Guide provides authoritative auditing guidance, provide implementation observations from 2020 adopters, and incorporates accounting issues addressed by the FASB’s Transition Resource Group (TRG) and the AICPA’s Financial Reporting Executive Committee (FinREC).

Learning Objectives:
  • Analyze the implementation observations from previous years
  • Determine management’s responsibilities and auditor’s considerations for internal control & governance, sources of risks of material misstatements, presentation & disclosure and communications with respect to the CECL standard.
  • Identify accounting issues addressed by the FASB’s TRG and AICPA’s FinREC
Category: Concurrent Session (Onsite and Online)

Managing a Balance Sheet to Withstand Interest Rate Volatility – Part I, Market Themes & BSM Tenets

Oct 25, 2022 1:50pm ‐ Oct 25, 2022 2:40pm

Identification: CU2212

There are three common attributes of high-performing financial institutions, regardless of the current Fed rate or market volatility. Learn how staying disciplined in the face of others’ concern better positions your balance sheet in a changing rate environment.

Part one of this cautionary two-part session will begin with an overview of current market conditions and the factors impacting the economic outlook. Industry experts will then begin to break down the three principles of high-performing financial institutions: disciplined asset pricing, understanding deposit franchise value, and the importance of hedging.

Learning Objectives:
  • Analyze current market conditions and factors impacting the economic outlook
  • Identify the role of risk-adjusted return modeling in a disciplined asset pricing process
  • Distinguish the importance of funding in sustainable financial performance
  • Determine how hedging with derivatives can help reduce risk to earnings and value
Category: Concurrent Session (Onsite and Online)