CUNA President/CEO Jim Nussle talked with NCUA board member Todd Harper this week, a follow-up conversation from CUNA’s letter sent Sept. 16. The conversation was the latest in CUNA’s continued engagement with NCUA leaders and staff on pandemic-related issues.

“Thanks to board member Harper for his time to discuss the feedback we’re hearing from our members as they continue to serve members through the pandemic,” Nussle said. “CUNA, along with NCUA, knows credit unions will be a vital part of the economic recovery, and we look forward to continued engagement with the agency on ways to expand member service.”

CUNA’s Sept. 16 letter makes several requests to NCUA including asking the agency to:

• Explore ways to reduce the denominator of the net worth ratio, including by excluding zero- and low-risk assets from the net worth ratio calculation;
• Permit credit unions to capitalize interest on consumer mortgage loans in connection with loan modifications made during the pandemic;
• Forbear on any assessments; and
• Issue an interim final rule eliminating the requirement that a borrower be a member of a credit union for at least one month before receiving a Payday Alternative Loan I (PAL I).