CUNA encourages Congress to enact legislation that provides flexibility to NCUA to offer forbearance from prompt corrective action to otherwise healthy credit unions impacted by federally declared emergencies or disaster, as the pandemic caused lending to slow and deposits to increase.
The NCUA board approved an item to place NCUA's CUSO, field of membership shared facilities, and mortgage servicing rights final rules on upcoming board meeting agendas through the end of the year. It also approved a subordinated debt proposal Thursday.
NCUA is piloting a new post-examination survey that will allow credit unions to provide timely feedback to the agency while helping to standardize the feedback process, according to the agency’s latest Letter to Federal Credit Unions.
The NCUA will discuss a proposed rule on subordinated debt, among other topics, at its Sept. 23 meeting. The meeting will be streamed live on NCUA.gov starting at 10 a.m. (ET). The board will also vote on the 2021 mid-session budget.
NCUA awarded $1.5 million in Community Development Revolving Loan Fund (CDRLF) grants to help 105 low-income credit unions expand outreach to underserved communities and improve digital services and security.
Comments on several proposals of interest to credit unions have due dates in September, including NCUA’s request for information (RFI) on digital assets and related technologies and the FHFA's policy statement on fair lending.
NCUA is monitoring Hurricane Ida and advises credit unions and their members that the agency stands ready to assist federally insured credit unions in the areas potentially affected by the storm, predicted to be the coasts of Texas, Mississippi, Louisiana, and Alabama.
Federally insured, low-income credit unions seeking a Community Development Financial Institution (CDFI) certification can apply for NCUA’s streamlined qualification process between Sept. 12 and Oct. 15.