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NCUA agenda covers asset thresholds, PCA, more
The NCUA Board next week is set to issue an interim final rule (IFR) on prompt corrective action (PCA), as well as propose a rule regarding asset threshold for determining the appropriate supervisory office. Also on the agenda, the board will receive a briefing on the National Credit Union Share Insurance Fund (SIF) quarterly report.
The meeting, scheduled to begin at 11:30 a.m. Eastern, will be available via livestream on the agency's website.
NAFCU has urged the NCUA to provide broader relief regarding the timeframe for calculating credit union assets in order to help those credit unions that have seen notable share growth during the pandemic, and are nearing, but have not yet passed the threshold for compliance with capital planning and stress testing requirements. The association has also urged the agency to work with the CFPB to establish a uniform asset threshold measurement for credit unions crossing the $10 billion threshold, noting that adopting a longer, multi-quarter asset threshold measurement would help address inaccuracy risks from rapid but possibly impermanent share growth.
Of note, NAFCU has also called on the NCUA to extend the IFR’s automatic expiration renewing temporary prompt PCA regulator relief, to Dec. 31, 2022 to allow credit unions ample time and operational flexibility to meet compounding share growth stresses and continue to serve their members as they emerge from COVID.
View the full agenda. NAFCU will monitor next week's meeting and update credit unions on the latest from the NCUA.