NCUA’s Interim Final Rule published Monday is designed to ensure that federally insured credit unions remain operational and liquid during the COVID-19 pandemic, according to NCUA staff.
Staff briefed the NCUA board on the rule at its Thursday meeting.
Specifically, it makes two temporary changes to Prompt Corrective Action (PCA) requirements:
These temporary modifications will be in place until March 31, 2022.
CUNA and Leagues have engaged with NCUA over the past year to secure PCA flexibility, as detailed in CUNA’s Removing Barriers Blog.
The board also heard a briefing on credit union cybersecurity from agency staff. Per the briefing, top threats for credit unions are:
Top mitigation trends include:
Low-income credit unions can apply for $7,000 grants to strengthen cybersecurity defenses through NCUA’s 2021 Community Development Revolving Loan Fun from May 3 to June 26.