NCUA issues letters on legislation, charters, operating fee
NCUA issued three letters to credit unions in the early days of 2021, one summarizing the latest COVID relief/government funding bill, and two outlining field of membership conversions and one with the 2021 Operating Fee Schedule.
NCUA will receive a briefing on the COVID/funding legislation at its Jan. 14 board meeting.
The letter (21-CU-01) address provisions in the legislation relating to:
- Central Liquidity Facility;
- Troubled Debt Restructuring;
- Current expected credit loss (CECL) delay extension;
- Paycheck Protection Program;
- Community Development Revolving Loan Fund; and
- Community Development Financial Institutions.
The agency also issued two letters to federal credit unions so far this year:
- The first (21-FCU-01) provides updated guidance and templates to assist federal credit unions seeking to convert to a community field of membership or expand their existing community field of membership. It includes links to several templates to facilitate an application to convert to or expand an existing community charter:
- The second (21-FCU-02) includes the 2021 Operating Fee Schedule to help federal credit unions calculate their 2021 operating fee, which the agency estimates decrease by an average of 19.6% in 2021. It includes a link to NCUA’s online calculators, and details how and when credit unions should submit their payments to NCUA.