NCUA official seal. (Source: NCUA)
The NCUA Board unanimously approved to extend the temporary final rule to credit unions for "Temporary Regulatory Relief in Response to COVID-19" on Tuesday.
The temporary rule, which was signed April 2020, was scheduled to expire Dec. 31, 2021. The three NCUA Board members approved, by notation vote, to extend the pandemic regulatory relief until Dec. 31, 2022.
The rule modified certain regulatory requirements for credit unions "to help ensure that federally insured credit unions remain operational and can address economic conditions caused by the COVID–19 pandemic," according to a statement released by the NCUA.
According to the temporary final rule, the NCUA Board "is temporarily raising the maximum aggregate amount of loan participations that a FICU may purchase from a single originating lender to the greater of $5,000,000 or 200% of the FICU's net worth. The Board is also temporarily suspending limitations on the eligible obligations that a federal credit union (FCU) may purchase and hold. In addition, given physical distancing policies implemented in response to the crisis, the Board is tolling the required timeframes for the occupancy or disposition of properties not being used for FCU business or that have been abandoned."
The temporary final rule is expected to be published in the Federal Register on Dec. 22, according to a statement from the NCUA.
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Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
