CUNA wrote to NCUA Chairman Todd Harper Thursday to congratulate him on being named chairman and to outline several rulemakings NCUA should quickly review. Harper is the agency’s 12th chair and is the first chair to have previously worked on NCUA staff.
“We appreciate your transparency in identifying your top policy priorities: capital and liquidity, consumer financial protection, cybersecurity, and diversity, equity, and economic inclusion,” wrote CUNA President/CEO Jim Nussle. “These priorities are also of utmost importance to CUNA, our member credit unions, and their consumer-members. We are excited to work with you and the agency in advancing such laudable objectives.”
CUNA strongly urges NCUA to issue an interim final rule, consistent with one issued by banking agencies, that would use asset data as of Dec. 31, 2019 to determine applicability of certain asset-based regulatory thresholds.
Due to the COVID-19 pandemic and balance sheet growth as a result of new COVID-related policies, there are credit unions that could be subject to additional regulatory or reporting requirements in 2021 because they are temporarily pushed over an asset-size threshold for compliance,” the letter says.
CUNA also called on NCUA to quickly review pending rulemakings issued at the December and January board meetings, including: