Additional relief is needed for credit unions facing Prompt Corrective Action (PCA) challenges, CUNA, the American Association of Credit Union Leagues, and all Leagues wrote to NCUA leadership Thursday. The current interim final rule is scheduled to expire March 31.
“We believe such relief should remain in effect until the end of the pandemic as determined by the Centers for Disease Control (CDC) or other federal entity authorized to make such a determination,” the letter reads. “The NCUA adopted the current IFR, as well as its predecessor, to deal with an increase in share growth resulting from government stimulus payments. The reasons these IFRs were adopted in 2020 and earlier in 2021 are still as relevant today.”
The interim final rule scheduled to expire March 31:
- Permits the NCUA board to issue an order to temporarily waive the earnings retention requirement for any credit union classified as adequately capitalized; and
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