CUNA President/CEO Jim Nussle spoke with NCUA Vice Chairman Kyle Hauptman Monday on credit union pandemic-related issues. Hauptman was sworn in as an NCUA board member in December 2020 and named vice chair a week later.

“I thank Vice Chairman Hauptman for his time today to share thoughts on how NCUA can work to support credit unions as we move through the pandemic and economic recovery,” Nussle said. “CUNA, Leagues, and credit unions share NCUA’s goals to ensure credit unions remain in ideal position to help members, and we look forward to continued engagement with the agency going forward.”

CUNA joined all 34 credit union Leagues last month to call on NCUA to adopt an interim final rule providing credit unions with Prompt Corrective Action (PCA) relief, essentially identical to the one adopted by NCUA in 2020.

The 2020 interim final rule provided credit unions PCA relief by:

• Permitting the NCUA Board to issue an order to temporarily waive the earnings retention requirement for any credit union classified as adequately capitalized; and
• Permitting credit unions to submit simplified net worth restoration plans if the reduction in capital was caused by share growth resulting from a temporary condition due to the pandemic.