Nussle shares CUNA/League issues with NCUA

March 17, 2020

CUNA President/CEO Jim Nussle shared feedback from credit unions on their coronavirus disease (COVID-19) response, as well as CUNA’s recommended actions in the wake of the pandemic, in separate conversations with NCUA Chairman Rodney Hood and Board Member Todd Harper Tuesday.

“CUNA will remain in contact with policymakers on an ongoing basis during this outbreak, and we’re working hard to ensure all channels of communication remain active as the situation evolves.” Nussle said.

Nussle shared information CUNA has collected so far on the ways credit unions are serving members affected by the pandemic, including interest-free loans, fee waivers, loan modifications and payment skips, among others. CUNA continues to seek information from credit unions on how they are responding.

CUNA wrote to NCUA last week with suggestions on steps NCUA could take to help alleviate financial strains and disruption caused by COVID-19, including examination cycle flexibility, capital forbearance and virtual board and membership meeting guidance.

CUNA also wrote to the administration this week outlining statutory and regulatory accommodations needed to ensure credit unions can continue to meet the financial services needs of their members, including NCUA:

  • Suspending all pending rulemakings - and not proposing additional rulemakings - that will not provide regulatory relief for financial institutions at this time;
  • Extending the effective dates for recently finalized regulations until 2021, unless the regulation provides additional flexibility or relief to financial institutions;
  • Suspending all routine onsite examinations for at least the next 120 days; and
  • Not penalizing credit unions that work with their members to weather the crisis through the implementation of short-term emergency loan programs, skip-a-payment programs, loan modifications, fee waivers and other accommodations.