WASHINGTON–CUNA has sent a letter to NCUA Chairman Rodney Hood outlining actions it would like the agency to consider to alleviate some of the effects from the coronavirus pandemic.
- NCUA should expeditiously adopt any needed rule changes to ensure the Central Liquidity Facility’s (CLF) borrowing authority and membership parameters conforms to the CLF provisions passed in the CARES Act
- The agency should review its existing Prompt Corrective Action (PCA) regulations and to do forbearance on credit unions that may temporarily fall between the 6% and 7% net worth leverage ratio during this pandemic-driven economic crisis
- NCUA, using its regulatory flexibility powers, should issue updated examiner guidance that clarifies the agency will grant the maximum regulatory flexibility it has available for handling credit unions
- The agency should work with the SBA to provide loan forgiveness guidance to credit unions providing PPP loans
The full letter can be found here.