ALEXANDRIA, Va.–NCUA last week hosted a pair of virtual briefings aimed at helping Ukraine’s credit union regulator even as that country remains under attack from Russia. The Ukrainians also offered updates on the situation they face during the meetings.
Separately, the agency has made a change that makes it easier to add underserved areas to fields of membership.
The virtual sessions with Ukraine’s regulator, respectively, focused on how to charter, regulate and supervise credit unions, implement support programs for small credit unions and build a deposit insurance system, and were held with representatives of the National Bank of Ukraine (NBU) and Ukraine's Deposit Guarantee Fund (DGF).
Agency ‘Stands in Support’
“The NCUA stands in support of Ukraine in its fight for independence and self-determination; for it is nothing short of a fight for peace, dignity, and justice, and a fight for Ukraine’s survival as a sovereign nation,” said NCUA Chairman Todd Harper. “Credit unions operate under a different business model than banks when providing financial products and services to consumers. As a result, credit unions require a specialized regulatory framework, one that differs in several ways from the banking model, to ensure that they can continue to fulfill their ‘people helping people’ cooperative mission. This is especially true for the smallest of credit unions.”
During the sessions, which included representatives of the agency’s management, it was stressed that the size, complexity and financial condition of credit unions in the governance system, as well as to support for the smallest institutions and those who serve members of modest means, must be kept in mind.
Update from Ukraine
Meanwhile, NBU Deputy Governor Sergiy Nikolaychuk and DGF Deputy Managing Director Olha Bilay also shared an update on the war’s effects on Ukraine's nascent credit union market, including expressing appreciation for the World Council of Credit Unions’ Credit for Agriculture Producers (CAP) project, which has been providing assistance since prior to the war’s start.
The CAP Project is funded by USAID.
According to the agency, another session with the DGF is set to take place later this month and will focus on share insurance.
Update on Underserved Areas
Separately, NCUA said multiple-group FCUs now can list census tracts in underserved area applications.
According to the agency, multiple common bond federal credit unions (FCUs) that want to add underserved areas to their fields of membership no longer need to list each area’s street boundaries but instead should list census tracts and the years they were in effect, NCUA said in an Express announcement.
“The agency recognizes technical advances that make it easier for credit unions to geocode addresses for potential members,” the agency said.
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