NCUA issued a letter to credit unions (20-CU-02) Monday outlining the agency’s actions related to the coronavirus (COVID-19) pandemic.
“The NCUA recognizes there may be other accommodations that could assist members and communities in responding to challenges associated with COVID-19,” the letter reads. “We encourage credit unions to consult with their respective NCUA regional office or state regulator regarding additional actions that may help address the situation.”
The letter includes suggestions for ways credit unions can work with affected borrowers, including:
- Waiving ATM, overdraft and loan balance or credit card late fees, early withdrawal penalties on time deposits and availability restrictions on insurance checks;