Comments on PCA flexibility, compliance guidance due in June
Comments on NCUA’s proposed temporary changes to Prompt Corrective Action (PCA) regulations are due in June. NCUA announced the changes last month, following months of CUNA-League engagement on pandemic-related PCA flexibility.
The first proposed change temporarily enables the NCUA Board to issue an order applicable to all federally insured credit unions to waive the earnings-retention requirement for any federally insured credit union that is classified as adequately capitalized.
The second modifies these regulations with respect to the specific documentation required for net worth restoration plans (NWRPs) for federally insured credit unions that become undercapitalized.
These will be in place until March 31, 2022.
Comments are due to NCUA by June 18.
Also due this month are comments on an interagency request for information on the extent to which the principles of the Interagency Model Risk Management Guidance support compliance with Ban Secrecy Act/Anti-Money Laundering and Office of Foreign Assets Control requirements.
The request for information includes 12 questions for comment, plus several sub-questions specific to suspicious activity reporting (SAR) monitoring.
Comments are due to the Financial Crimes Enforcement Network by June 11.