Facing rising coronavirus infections, credit union regulator backs off plan to transition to on-site operations

Recent spikes of COVID-19 virus in about half of the states nationwide have caused the federal credit union regulator to back off of its phase-in of on-site operations at both the agency and at credit unions through voluntary examinations.

In opening the National Credit Union Administration (NCUA) Board’s meeting Thursday, Chairman Rodney Hood said the agency would not be starting on July 6 its plan to begin reopening agency offices (in the Washington area and its two regions) or to begin voluntary examinations on-site at credit unions.

Hood indicated that the postponement was being made out of an abundance of caution.

The NCUA Board chairman’s announcement was an about-face from a statement the agency released just last week. Hood said then, in a release, that the agency’s top priority is “ensuring the health, safety, and well-being of its staff while executing the agency’s mission.” He also said that the agency’s transition plan “has built-in flexibility if a later implementation date is necessary.”

Hood indicated Thursday that recent events have required that flexibility to be exercised.

 

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