CUNA encouraged the Federal Housing Finance Agency (FHFA) to pursue climate and natural disaster risk mitigation strategies that do not abandon low- and moderate-income Americans in a letter sent Monday.

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.

Credit unions are concerned that non-regulated companies are engaged in financial activities by offering products and services that are traditionally offered by credit unions and banks without being subject to robust consumer protection laws and regulations.