NAFCU Urges NCUA to Complete ‘Unfinished’ COVID-19 Relief Measures
ARLINGTON, Va.–NAFCU is calling on NCUA to complete COVID-19-related relief measures it says remain “unfinished.”
Among the points addressed in a letter to the NCUA board from NAFCU CEO Dan Berger:
Remaining COVID-Related Relief
“The NCUA should immediately finalize its proposed rule permitting credit unions to capitalizeinterest under Appendix B to Part 741 as well as its proposed rule eliminating the prescribed 45-daylimit in its requirements for an overdraft policy in NCUA’s lending rule,” NAFCU wrote
Capital Reform
“The NCUA should finalize its proposed three-year phase-in of the Current Expected Credit Loss(CECL) methodology and reconsider and simplify the NCUA’s 2015 risk-based capital (RBC) rule,” the letter states.
Field of Membership Reform
NAFCU called on NCUA to “modernize the definition of ‘service facility’ in its Chartering and Field of Membership Manual to allow credit unions to leverage digital banking platforms to servebroader segments of their communities.”
Other Reforms
“The NCUA should modernize its regulations related to compensation in connection with lending to permit comprehensive incentive plans,” NAFCU wrote.
The full NAFCU letter can be found here.