WASHINGTON–CUNA and its state leagues have sent a letter to NCUA calling on the agency to take additional immediate actions to alleviate “the stress COVID-19 has placed on the credit union industry.”
In the letter to NCUA Chairman Rodney Hood, which can be found here, CUNA offered a number of “supplemental recommendations” it said align with an earlier letter sent to the agency on March 12.
Those recommendations urge NCUA 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.