ALEXANDRIA, Va.—The NCUA board will issue two interim final rules at its open board meeting Thursday—one on overdrafts and another on prompt corrective action.
The board will also propose a rule on the joint ownership of share accounts and be briefed on the National Credit Union Share Insurance Fund's quarterly report.
Thursday’s meeting, beginning at 10 a.m. ET, will be the second time the agency has held an open board meeting virtually. CUToday.info will provide complete coverage.
Grant deadline May 22
Separately, NCUA is reminding eligible low-income credit unions to apply for grants to support coronavirus-related efforts through the Community Development Revolving Loan Fund (CDRLF) by May 22.
Last month, the NCUA announced that the majority of the 2020 CDRLF would be used to provide coronavirus assistance.
The funding for coronavirus assistance supplants traditional CDRLF grant categories. The maximum award amount is $10,000 and the grants will be awarded on a rolling basis throughout the open application period, with minority depository institutions and credit unions with less than $100 million in assets receiving priority.
The grants may be used to:
- Offer rental, mortgage, and utility payment assistance to members such as entrepreneurs, small business owners, and hospitality and service industry employees
- Offer loan payment relief to affected members
- Develop a new product or service for affected members, such as offering preloaded cards
- Cover costs associated with moving credit union operations to remote locations, such as laptops, software, and short-term rentals
For info, visit CyberGrants portal.