Federally insured, low-income-designated credit unions can request grants and loans from NCUA to assist members, businesses, and communities experiencing economic hardships due to the COVID-19 pandemic through May 22 using the NCUA’s CyberGrants portal.
The NCUA announced Monday that all NCUA examinations will take place offsite through May 1 and this offsite policy will remain in effect until further notice. According to NCUA, it will reevaluate this approach through the duration of the COVID-19 pandemic.
NCUA’s latest Letter to Credit Unions highlights a joint statement from federal financial regulators on encouraging responsible small-dollar lending during the COVID-19 pandemic, a statement expressly encouraging credit unions to offer responsible small-dollar loans.
CUNA recommends NCUA issue an interim final rule rule eliminating the requirement that a borrower “be a member of the credit union for at least one month” before receiving a PAL I to give additional flexibility necessary to meet members’ needs.
While CUNA supports the majority of NCUA’s proposed rule on bank-credit union combination transactions, there are aspects not statutorily required, several of which may be problematic. NCUA is accepting comments on the proposal through March 30.
Federally insured, low-income designated credit unions that experience unexpected costs as a result of COVID-19 can request urgent needs grants from NCUA's Office of Credit Union Resources and Expansion of up to $7,500.
CUNA followed up its March 12 letter to NCUA Tuesday with supplemental recommendations it has received through continued engagement with Leagues and credit unions. CUNA’s original letter detailed possible NCUA actions to alleviate the impact of coronavirus.
NCUA issued a Letter to Federal Credit Unions Friday announcing greater flexibility in conducting annual meetings due to the coronavirus outbreak. CUNA requested guidance on virtual board and membership meetings in a March 12 letter to NCUA.
NCUA issued a letter to credit unions Monday outlining the agency’s actions related to the coronavirus pandemic. NCUA is limiting examination and supervision work over the next couple of weeks to offsite procedures, with a few exceptions.