The National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement after the NCUA approved a final rule allowing credit unions to capitalize interest on loan modifications:
“NAFCU applauds the NCUA for approving a final rule allowing credit unions and their members to capitalize interest on loan modifications,” said NAFCU President and CEO Dan Berger. “The NAFCU team worked hard to advocate for this rule as it will provide credit unions with flexibility and their members with a safe, sound solution with strong consumer protections that will help them manage their loan payments amid the COVID-19 economic recovery. We thank the NCUA Board for listening to our feedback and instituting this rule.”