Comments on several items of relevant to credit unions are due in the next several weeks. For a complete list, visit CUNA’s Letters and Testimonies page.
NCUA issued an interim final rule to extend COVID-19 related Prompt Corrective Action (PCA) relief through March 31, 2023. CUNA, the American Association of Credit Union Leagues, and all Leagues wrote to NCUA calling for the extension.
Permits the NCUA board to issue an order to temporarily waive the earnings retention requirement for any credit union classified as adequately capitalized; and
Permits 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.
Comments on the interim final rule are due April 29.
Other upcoming deadlines include:
May 2: NCUA proposed rule revising the threshold for federally insured credit unions to be assigned to the appropriate regulatory office.
May 20: Comments on the Federal Reserve’s, “The U.S. Dollar in the Age of Digital Transformation” discussion document on central bank digital currencies.