Expanded CUSO lending authority will allow CUSOs to better serve credit union members, CUNA wrote to NCUA Friday. NCUA's proposal would expand the list of permissible activities and services for CUSOs to include originating any type of loan that a federal credit union may originate.
NCUA’s Interim Final Rule published Monday is designed to ensure that federally insured credit unions remain operational and liquid during the COVID-19 pandemic. The board also heard a briefing on credit union cybersecurity from agency staff.
The NCUA Board published an interim final rule Monday making two temporary changes to its PCA regulations to help ensure that federally insured credit unions remain operational and liquid during the COVID-19 pandemic. A similar rule expired at the end of 2020.
Low-income-designated credit unions seeking Community Development Revolving Loan Fund grants in 2021 will be able to apply between May 3 and June 26. The agency will administer approximately $1.5 million in CDRLF grants to the most-qualified applicants, subject to the availability of funds.
The NCUA board will be briefed on an interim rule involving Prompt Corrective Action (PCA) at its April 22 meeting. CUNA and Leagues have heavily engaged NCUA on the need for PCA flexibility, and NCUA Chairman Harper indicated relief would be coming shortly.
NCUA released its Office of Minority and Women Inclusion annual report Wednesday detailing the agency’s progress in 2020 in advancing diversity, equity, and inclusion in its workforce. The report also highlights the agency’s efforts to ensure fair and inclusive business practices.
NCUA Chairman Harper recently indicated the agency will soon take action to reinstitute PCA relief that expired at the end of 2020, says CUNA Chief Advocacy Officer Ryan Donovan, who added more information will be available over the next few weeks.
CUNA President/CEO Jim Nussle spoke with NCUA Vice Chairman Kyle Hauptman Monday on credit union pandemic-related issues and how NCUA can work to support credit unions through the pandemic and economic recovery.
The NCUA Board unanimously approved by notation vote a 30-day extension of the comment period for its proposed rule on credit union service organizations, Part 712. The new due date will be published in the Federal Register in the near future.