CUNA wrote to NCUA Thursday asking it to consider several steps to alleviate the financial strain and consumer disruption being caused by the coronavirus. CUNA appreciates that NCUA and other regulators issued a statement earlier this week encouraging financial institutions to meet financial needs of consumers affected by the coronavirus, and offered several specific suggestions.

“We anticipate the challenges facing credit unions and their members will get worse before they get better, as it is clear we are in the early stages of this public health issue,” the letter reads. “The coronavirus has already and will continue to strain the broader economy. However, as often in the time of such challenges, there is an opportunity for credit unions to exemplify pro-consumer financial services.”

CUNA believes NCUA can ease the challenges facing credit unions by offering:

• Examination cycle flexibility: CUNA asks the NCUA to provide additional information explicitly detailing that credit unions have flexibility in the number and/or type of individuals required to be on site during an examination, as well as flexibility in delaying an examination altogether;
• Capital forbearance: As a direct and indirect result of the coronavirus, members may experience difficultly in making timely personal, credit card, automobile, small business, or other loan related payments. Therefore, we ask the NCUA to provide flexibility in its assessment of those credit unions experiencing financial challenges as a result of the coronavirus.
• Virtual board and membership meeting guidance: The Federal Credit Union Act provides strict requirements on when and how a credit union board must meet; it also provides requirements for an annual meeting of the credit union membership. We ask the NCUA to provide guidance on virtual board meetings and whether membership meetings scheduled during this crisis could be conducted virtually.