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.
Further legislative action is needed to ensure that credit unions remain in a position to serve members and small businesses, including swift passage of a bipartisan bill to exempt COVID-related lending from the MBL cap for up to one year after the pandemic.
NCUA is hosting a webinar on March 24 about potential areas of credit risk resulting from the COVID-19 pandemic and registration is now open. The webinar is scheduled to begin at 2 p.m. Eastern and run approximately for 60 minutes.
The FHFA announced that Fannie Mae and Freddie Mac will extend temporary loan origination flexibilities until April 30, 2021. The temporary flexibilities are designed to ensure continued support for borrowers during the COVID-19 pandemic.