The National Credit Union Administration (NCUA) Board issued a proposal Thursday allowing credit unions to capitalize interest in connection with loan modifications. Credit Union National Association (CUNA) President/CEO Jim Nussle released the following statement:
“We thank NCUA for issuing this proposal which gives credit unions a more member-friendly option to make a loan modification. CUNA strongly supports this option as the pandemic effects will be felt for months and years to come. We hope that NCUA will quickly finalize this proposed rule so that needed pandemic relief is not further delayed.”