Other questions in the attachment included:

"In general, does the credit union have elevated exposure to impacted industries? If yes, which one of the following? (Manufacturing, Entertainment, Oil/Gas, Travel, Service, or Other).
"Does the credit union have adequate cash on hand or access to cash to meet member needs?"
"Has the credit union taken any of the following actions to improve liquidity? (Suspended reinvestments of asset rollovers, Sold assets, Other, N/A, or Unknown)."
"Has the credit union experienced an increase in loan forbearance requests over the past month?" It then asks for percentages of portfolios by loan type and average durations.
"Is the credit union offering programs to assist members impacted by COVID-19? If yes, has the credit union developed a system for tracking these programs?"
"Does the credit union have adequate collection staff to handle an increase in collections and workouts? If not, does the credit union have access to a third party to assist?"
"What dollar amount (estimate) has the credit union granted in emergency, unsecured loans related to COVID-19?"

The letter also asked about credit union participation in the Paycheck Protection Program. The PPP is designed to provide forgivable loans to small businesses to help avoid job losses during the pandemic, but has been plagued with problems from balky online portals to practices that allowed big banks to draw much of the funds for their largest eligible clients.

Instant Insights /

NCUA Tracking Emerging Credit Risks

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