Removing Barriers Blog

Steps NCUA Can Take to Alleviate Impact of Coronavirus
Posted March 12, 2020 by CUNA Advocacy

Today, CUNA sent a letter to NCUA asking it to consider several steps to alleviate the financial strain and consumer disruption being caused by the coronavirus.

While we appreciate the statement issued earlier this week by the NCUA and other federal financial regulators encouraging financial institutions to meet the financial needs of customers and members affected by the coronavirus, we offer several specific areas where the NCUA can ease the challenges facing credit unions during this time.

  • Examination cycle flexibility: In light of staffing and other challenges, we ask NCUA to provide additional information explicitly detailing that credit unions have flexibility in the number and/or type of individuals required to be on site during an examination, as well as flexibility in delaying an examination altogether.
  • Capital forbearance: As a direct and indirect result of the coronavirus, members may experience difficultly in making timely personal, credit card, automobile, small business, or other loan related payments. Therefore, we ask the NCUA to provide flexibility in its assessment of those credit unions experiencing financial challenges as a result of the coronavirus.
  • Virtual board and membership meeting guidance: The Federal Credit Union Act provides strict requirements on when and how a credit union board must meet; it also provides requirements for an annual meeting of the credit union membership. We ask the NCUA to provide guidance on virtual board meetings and whether membership meetings scheduled during this crisis could be conducted virtually.