NCUA examiners will contact federal credit unions between now and May 18 to review a list of questions sent in an agency Letter to Credit Unions (20-CU-12) recently. According to NCUA, this is the next phase of credit union outreach to understand challenges faced by credit unions due to the coronavirus disease (COVID-19) pandemic, focusing on potential emerging credit risks.
“Many of the questions ask for your best estimates only; we do not anticipate significant research will be necessary. As with all interactions with the NCUA, I encourage you to have an open dialogue with your examiner, ask questions, and express challenges you may be facing,” wrote NCUA Chairman Rodney Hood. “The NCUA will continue to be mindful of the impact of information requests on any credit unions experiencing operational and staffing challenges associated with responding to COVID-19.
“You are helping us understand the challenges credit unions are facing so we can identify or develop the assistance you need,” he added.
The first phase of NCUA’s outreach focused on operation status and liquidity. During this outreach, NCUA received insights that include: