ALEXANDRIA, Va.—The NCUA board is set to meet this week and is set to issue an interim final rule (IFR) on prompt corrective action (PCA). Also on the agenda, the board will receive a briefing on cybersecurity.
The meeting, scheduled to begin at 10 a.m. ET, will be available via livestream on the agency's website.
On PCA, as CUToday.info reported, NCUA last year unanimously approved an IFR to provide temporary regulatory capital relief to federally-insured credit unions in response to the coronavirus pandemic. The modifications expired Dec. 31, 2020.
NAFCU noted it has advocated for the NCUA to reinstate the IFR and continue to provide much-needed relief for credit unions.
The previous IFR temporarily:
- Permitted the NCUA board to issue an order to temporarily waive the earnings retention requirement for any FICU that is classified as adequately capitalized
- Permitted FICUs to submit simplified net worth restoration plans and attest that its reduction in capital has been caused by share growth resulting from a temporary condition due to the coronavirus pandemic
CUToday.info will have full coverage from the meeting.