The NCUA Board unanimously approved by notation vote an extension of the effective date of its temporary final rule modifying certain regulatory requirements to ensure federally insured credit unions remain operational.

“Thanks to the NCUA board for acting to ensure these relief measures will remain in place through the end of next year, particularly as the pandemic and its economic effects continue,” said CUNA President/CEO Jim Nussle. “Extending these modifications continues to allow credit unions the flexibility to continue to meet member needs as they arise.”

These temporary modifications will remain effective until Dec. 31, 2022.

The temporary final rule issued by in April 2020:

• Raised the maximum aggregate amount of loan participations that a federally insured credit union may purchase from a single originating lender to the greater of $5,000,000 or 200% percent of the credit union’s net worth.
• Temporarily suspended certain limitations on the eligible obligations that a federal credit union may purchase and hold.
• Suspended the required timeframes for the occupancy or disposition of properties not being used for federal credit union business or that have been abandoned.

The rule is expected to be published in the Federal Register on Dec. 22.