Credit union agency cuts the cord to ‘many’ pandemic-related guidance points

Many of the COVID-19 related guidance points for credit unions were rescinded Thursday by their federal regulator, which noted the cessation of the federal government’s public health emergency declaration in early April.

The National Credit Union Administration (NCUA) said that, with the federal government ending its emergency April 10, it “reviewed all COVID-related supervisory guidance and identified what is no longer applicable or necessary.” The agency noted that during the pandemic, it developed guidance letters issued to all federally insured credit unions to “ensure they took steps to assist credit union members through the unprecedented pandemic and its economic and financial disruptions.”

The agency said a complete list of archived or rescinded guidance and guidance still in effect is available on its website. Included are now-inactive letters to credit unions outlining federal credit union (FCU) meeting flexibility in 2022 (and 2021) and offsite exam and supervision approach.

The agency also said it was notifying state supervisory credit union authorities of its action to “ensure awareness of the archiving of outdated pandemic-related guidance and any pandemic-related guidance that remains in effect.”

NCUA Rescinds Most COVID-19 Guidance to Credit Unions