ALEXANDRIA, Va.—The NCUA board Thursday will vote on interim final rules relating to the Central Liquidity Facility and asset thresholds pertaining to large credit unions at its March 18 board meeting.
The meeting will be a live audio stream, available at NCUA.gov, starting at 10 a.m. (ET). CUToday.info will have full coverage.
The complete agenda includes
- Interim final rule, Part 725, Central Liquidity Facility
- Interim final rule, Parts 700, 702, 708a, 708b, and 790, asset thresholds pertaining to large credit unions
- Board briefing, NCUA Guaranteed Note and Asset Management Estates Programs
Trade Group Feedback
In advance of the meeting, CUNA has called on NCUA to issue an interim final rule to allow credit unions, through Dec. 31, 2021, to determine applicability of certain asset-based regulatory thresholds using asset data as of Dec. 31, 2019, if the credit union’s assets as of that date were less than its assets on the date as of which the applicability of a given threshold would normally be determined.
According to the trade group, this would provide relief to credit unions that might see pandemic and pandemic-policy related balance sheet growth resulting in additional regulatory or reporting requirements because they are temporarily over an asset-based threshold.
NAFCU’s View
In addition, NAFCU President and CEO Dan Berger earlier this year sent a letter to the NCUA Board asking it to consider issuing an interim final rule to provide parity with one issued last year by the federal banking regulators that provides community banks with a transition period through 2022 to either reduce their size or prepare for new regulatory and reporting requirements.
Berger also outlined other considerations for adjusting how the NCUA calculates total assets, as well as how NAFCU believes the agency can better coordinate supervision with the CFPB for credit unions over the $10 billion asset threshold.