NCUA board briefed on PCA rule, cybersecurity trends

NCUA’s Interim Final Rule published Monday is designed to ensure that federally insured credit unions remain operational and liquid during the COVID-19 pandemic, according to NCUA staff.

Staff briefed the NCUA board on the rule at its Thursday meeting.

Specifically, it makes two temporary changes to Prompt Corrective Action (PCA) requirements:

• Temporarily enables the NCUA Board to issue an order applicable to all federally insured credit unions to waive the earnings-retention requirement for any federally insured credit union that is classified as adequately capitalized.

 

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