COVID-19 regulatory relief for CUs extended
|
Financial Stability
Monday, January 3, 2022
|
|
The National Credit Union Administration (NCUA) board has extended the temporary regulatory relief put in place for credit unions because of the COVID-19 pandemic.
The temporary final rule was originally issued by the board in April 2020. To help ensure federal insured credit unions remain operational and can address pandemic economic conditions, it:
- Raised the maximum aggregate amount of loan participations that a federally insured credit union may purchase from a single originating lender to the greater of $5,000,000 or 200 percent of the credit union’s net worth.
- Suspended certain limitations on the eligible obligations a federal credit union may purchase and hold.
- Suspended the required timeframes for the occupancy or disposition of properties not being used for federal credit union business or that have been abandoned.
In a unanimous vote taken by notation, the board extended these modifications until Dec. 31, 2022.
Today's other top stories
Popularity:
This article has been viewed
7045 times.