CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » ​​​​​​​CUNA/Leagues urge NCUA to take further action on COVID-19 response
Press

​​​​​​​CUNA/Leagues urge NCUA to take further action on COVID-19 response

March 26, 2020

FOR IMMEDIATE RELEASE
March 24, 2020
Washington, DC

CONTACT:
Lauren Williams
CUNA Communications
202-672-3396      


Credit Union National Association (CUNA) President/CEO Jim Nussle today wrote to the National Credit Union Administration (NCUA) Chairman Rodney Hood with additional recommendations to alleviate the impact of coronavirus (COVID-19) on credit unions and their members.

In partnership with its League and credit union member partners, Nussle urged the NCUA to take further immediate actions to alleviate the stress COVID-19 has placed on the credit union industry.

Nussle gave supplemental recommendations that align with its March 12 letter to the NCUA, such as asking the agency to:

  • Request suspension of the implementation of the Financial Accounting Standards Board (FASB) Current Expected Credit Loss (CECL) standard for at least one year, until at least January 2024;
  • Expedite the finalization of the Proposed Rulemaking for Part 722-Real Estate Appraisals;
  • Suspend routine previously scheduled onsite examinations and data collections;
  • Provide guidance to credit unions on how they should respond to COVID-19 related issues regarding real property inspections; Consider changes to the Low-Income Credit Union (LICU) designation;
  • Publish on its website, and distribute through social and other media channels, a FAQ for credit union members affected by COVID-19 document;
  • Update its FAQ for credit union members affected by COVID-19 document as it makes changes to its policies and procedures.

CUNA recognized NCUA’s efforts to quickly address feedback from the credit union industry, notably through providing flexibility conduct virtual board and annual meetings.  

##      

 

About CUNA:           
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 115 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.

Credit Union Magazine: Spring 2023

Spring 2023

Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.
Digital Edition •  Subscribe

Trending

  • Compliance: FinCEN issues issue BOI reporting guidance

  • Bill would establish ‘appropriate compliance timeline’ for section 1071

  • CUNA Mascot Madness: One semifinal set; Vote for the best in the West

Tweets by CUNA_News

Polls

CUNA Mascot Madness: Which South Region mascot is your favorite?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us