Berger calls for immediate assistance for CUs from NCUA, CFPB

As credit unions have reached out for guidance on various regulatory and compliance concerns during the coronavirus outbreak, NAFCU President and CEO Dan Berger sent letters to the NCUA and CFPB calling for broad flexibility with compliance for at least 60 days.

Credit unions have proactively worked to keep their staff, members and families safe while ensuring there is no disruption to vital financial services, Berger wrote, and NCUA and CFPB should support these efforts with regulatory guidance.

Specifically, in letters to the NCUA, Berger said as long as credit unions’ actions are in the spirit of the Federal Credit Union Act, “NAFCU asks that the NCUA allow credit unions flexibility in determining how best to comply with member meeting requirements, whether that means permitting virtual meetings or flexibility with rescheduling annual meetings.”

“Various state and local governments, including the state of Washington, have recommended halting all large group gatherings,” Berger noted. “Credit unions face the dilemma of non-compliance if they abide by government recommendations and hold virtual-only meetings. However, if a credit union holds an in-person meeting the health and safety of attendees is at risk.”


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