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.
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.