Both chambers of Congress are in session this week, and both are expected to consider the $1.9 trillion COVID relief legislation through the budget reconciliation process. The House Budget Committee will mark up its legislation starting Monday.

NCUA’s proposal to issue exemptions from SAR regulations could benefit credit unions and should be adopted “as soon as reasonably practical,” CUNA wrote, believing it will enhance the NCUA’s ability to provide flexibility to credit unions in regard to SAR filing requirements.

NCUA's four funds again earned unmodified, or “clean,” audit opinions for 2020, according to audited financial statements released by the agency’s Office of the Inspector General. The complete 2020 financial statement audits are available on NCUA.gov.

NCUA and the IRS are co-hosting a webinar on the Earned Income Tax Credit and Volunteer Income Tax Assistance programs Feb. 23, starting at 2 p.m. (ET). NCUA and the IRS encourage credit unions, their members, and others to learn more about the benefits of these programs.

The NCUA board heard a briefing on the state of the NCUSIF Thursday, which ended with an equity ratio stands at 1.26%. Chairman Todd Harper said "the question is no longer if we have to assess the share insurance fund premium, but when and how much.”

Legislative action, including PCA MBL flexibility, as well as allowing all credit unions to serve underserved areas, is needed to ensure credit unions can continue to aid in pandemic relief and the economic recovery.

NCUA’s proposed overdraft policy is part of the agency’s proactivity in adapting rules, regulations, and policies to ensure credit unions can meet evolving needs of their members, CUNA wrote in response to the proposal Tuesday. 

Credit unions continue to make PPP loans through the original and Second Draw programs to help small businesses survive the pandemic, and while implementation of the Second Draw program has been easier, there is still room to make improvements.

NCUA’s latest Regulatory Alert (21-RA-03) notes that credit unions subject to Home Mortgage Disclosure Act requirements in calendar year 2020 must submit loan/application register data to the CFPB by March 1.

The 117th Congress has officially named chairs and ranking members for its committees, and many committee leaders are familiar faces to credit unions and Leagues. The Senate has a new set of chairs and ranking members as Democrats control the chamber.