Briefings on cybersecurity and the federal credit union (FCU) loan-rate ceiling bookend the one action item slated for Thursday’s open meeting of the federal credit union regulator’s board: a request for information and comment on climate-related financial risk.
The National Credit Union Administration (NCUA), according to the federal “unified agenda” of regulation, had initially expected to issue an advance notice of proposed rulemaking (ANPR) by last December on climate-related financial risk. The agenda shows the agency planned to seek public input “on current and prospective climate-related financial risks to federally insured credit unions (FICUs), related entities, and the National Credit Union Share Insurance Fund (SIF)” and “on opportunities to strengthen its supervision and regulation of credit unions’ management of and reporting on the physical and transition risks that may arise from climate change.”
The NCUA Board is set to begin Thursday’s open meeting at 10 a.m.; a closed meeting will follow. Members of the public may attend the open session in person or view the proceedings online via the agency’s livestream. Those that plan to attend are asked to register in advance.
Regarding the FCU loan-rate ceiling, the agency issued a letter to federal credit unions March 1 noting the continuation of the 18% FCU loan-rate ceiling for another 18 months. The 18% ceiling remains in effect through Sept. 10, 2024.