COVID-19 regulatory relief for CUs extended

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.