Temporary Regulatory Relief in Response to COVID-19 – Prompt Corrective Action

Title:

Temporary Regulatory Relief in Response to COVID-19 – Prompt Corrective Action

Subject: Prompt corrective action; coronavirus response
Agency: NCUA
Status: Interim final rule
Summary:

The NCUA Board (Board) is temporarily modifying certain regulatory requirements to help ensure that federally insured credit unions (FICUs) remain operational and liquid during the COVID-19 crisis. Specifically, the Board is issuing two temporary changes to its prompt corrective action (PCA) regulations. The first amends its regulations to temporarily enable the Board to issue an order applicable to all FICUs to waive the earnings retention requirement for any FICU that is classified as adequately capitalized. The second modifies its regulations with respect to the specific documentation required for net worth restoration plans (NWRPs) for FICUs that become undercapitalized. These temporary modifications will be in place until December 31, 2020.

FR Doc:
Date proposed:
Comments due date: June 29, 2020
Effective date:

May 28, 2020

Rule compliance date:
Agency release:

Related Reg Report item(s):

Credit union prompt corrective action rules eased for COVID-19

 

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