NCUA Board to be briefed on cybersecurity, PCA interim final rule

The April 22 virtual open meeting of the governing board of the federal credit union regulatory agency will include two briefings but no action items, according to the agenda posted Thursday.

The board is set to receive briefings on a cybersecurity update and an interim final rule under Part 702 of the agency rules and regulations, dealing with capital adequacy/prompt corrective action (PCA).

The NCUA Board last May issued an interim final rule that waived the earnings retention requirement for “adequately capitalized” credit unions and eased net worth restoration plan requirements for some “undercapitalized” credit unions. The rule, approved with an expiration date of Dec. 31, 2020, was intended to help ensure that federally insured credit unions (FICUs) remained operational and liquid during the COVID-19 crisis.

The meeting is scheduled for 10 a.m. ET.

NCUA Board April 22 open meeting agenda

RR: Credit union prompt corrective action rules eased for COVID-19 (May 21, 2020)

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