CUNA/Leagues urge NCUA to take further action on COVID-19 response
WASHINGTON, DC (March 24, 2020) — Credit Union National Association (CUNA) President/CEO Jim Nussle today wrote to the National Credit Union Administration (NCUA) Chairman Rodney Hood with additional recommendations to alleviate the impact of coronavirus (COVID-19) on credit unions and their members.
In partnership with its League and credit union member partners, Nussle urged the NCUA to take further immediate actions to alleviate the stress COVID-19 has placed on the credit union industry.
Nussle gave supplemental recommendations that align with its March 12 letter to the NCUA, such as asking the agency to:
- Request suspension of the implementation of the Financial Accounting Standards Board (FASB) Current Expected Credit Loss (CECL) standard for at least one year, until at least January 2024;
- Expedite the finalization of the Proposed Rulemaking for Part 722-Real Estate Appraisals;
- Suspend routine previously scheduled onsite examinations and data collections;
- Provide guidance to credit unions on how they should respond to COVID-19 related issues regarding real property inspections; Consider changes to the Low-Income Credit Union (LICU) designation;
- Publish on its website, and distribute through social and other media channels, a FAQ for credit union members affected by COVID-19 document;
- Update its FAQ for credit union members affected by COVID-19 document as it makes changes to its policies and procedures.
CUNA recognized NCUA’s efforts to quickly address feedback from the credit union industry, notably through providing flexibility conduct virtual board and annual meetings.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.