NAFCU to NCUA: Modernization, reforms needed to ensure healthy industry

by NAFCU Newsroom

NAFCU President and CEO Dan Berger wrote the NCUA Board Tuesday detailing several of the association’s priorities to ensure credit unions can effectively support members recovering from the coronavirus pandemic while maintaining the integrity and health of the industry.

Berger called on the NCUA to address several areas, including COVID-related relief, capital reform, field of membership reform, and regulations related to incentive plans.

COVID relief

Under COVID relief, Berger stressed that “time is of the essence” as he called for the agency to finalize its proposed rule allowing the capitalization of interest. The NCUA issued the proposed rule in November 2020 that would allow for the capitalization of interest in connection with loan workouts and modifications and would provide credit unions with the ability to better help their members meet payment obligations on all types of member loans.

 

continue reading »