Removing Barriers Blog

COVID-19: CUNA Writes to the NCUA re: Ways to Reduce Regulatory Burden
Posted March 24, 2020 by dyi

Today, CUNA wrote a letter to the National Credit Union Administration with a few recommendations they can take to reduce regulatory burden on credit unions as COVID-19 continues to affect communities and credit union members. 

These recommendations include: 

  • Supporting CUNA in asking FASB to suspend CECL implementation for at least one year
  • Expediting the finalization of the Proposed Rulemaking for Part 722-Real Estate Appraisals
  • Suspending onsite examinations and data collections for at least 120 days unless there is an immediate need
  • Providing guidance on how credit unions should respond to COVID-19 related issues regarding real property inspections
  • Changing the Low-Income Credit Union (LICU) designation

In addition, CUNA urged the NCUA to add a "Frequently Asked Questions" section to their website regarding COVID-19 and keeping this page updated as the pandemic continues.