NCUA

The National Credit Union Administration has granted its second federal credit union charter this year. Community First Fund Credit Union in Lancaster, Pa. is sponsored by Community First Fund, a nonprofit community development financial institution.

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In its sixth open meeting for 2021, the National Credit Union Administration approved a final rule removing the prohibition on the capitalization of interest in connection with loan workouts and modifications.

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The National Credit Union Administration’s annual report to Congress on the composition and financial performance of the minority deposit institutions supervised by the agency in 2020 shows the number of these credit unions increased, expanded their membership, and increased lending.

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In a letter to board of directors and CEOs, the National Credit Union Administration (NCUA) addressed what federally insured credit unions should do to prepare for the cessation of the London Inter-bank Offered Rate (LIBOR).

NCUA Chairman Todd Harper said the extension of certain LIBOR settings is not an opportunity to continue using LIBOR. Instead, it will allow some legacy LIBOR contracts to mature naturally.

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Several agencies announced they have extended the comment period for the request for information issued on financial institutions’ use of artificial intelligence.

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The Federal Financial Institutions Examination Council’s State Liaison Committee announced the election of its chairman.

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The National Credit Union Administration has renewed temporary measures designed to give credit unions relief during the COVID-19 pandemic.

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The National Credit Union Administration announced applications for the 2021 round of Community Development Revolving Loan Fund grants will be accepted starting May 3, 2021.

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The Federal Financial Institutions Examination Council (FFIEC) has named its chairman for the 2021-2023 term. The FFIEC also named its vice chairman.

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The National Credit Union Administration appointed Rodney Hood, former chairman and current board member, as the agency’s representative on NeighborWorks America’s board of directors.

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