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The NCUA issued a Letter to Credit Unions Wednesday letting credit unions know examiners will be reaching out May 4-18 to discuss the impact the coronavirus is having on operations and members. NAFCU has requested that the NCUA provide additional examination flexibility to ensure credit unions can focus on helping members during the pandemic.

The NCUA last month outlined its priorities for exams during the coronavirus pandemic and said it would encourage examiners to work with credit unions focused on providing uninterrupted services and relief to members.

In the new Letter to Credit Unions, the NCUA is looking for insights into:

• operational status and how credit unions are continuing to provide service to members;
• lobby service, including if lobbies are still open, by appointment only, or through drive-thru; and
• liquidity planning as the agency notes that few credit unions have reported a need to increase borrowings.

To prepare for examiners' outreach, the NCUA provided credit unions with a three-page list of questions related to these areas and more. Other areas to note include:

• if a large portion of members work in an industry that has a higher exposure to coronavirus impact;
• cash withdrawal limits, cash deposits, and cash on hand;
• changes in ACH or check deposit activity;
• forbearance requests, including for auto, commercial, and mortgage loans;
• new programs implemented to assist members impacted by the coronavirus; and
• whether the credit union is participating in the Small Business Administration's paycheck protection program and who is eligible to apply for these loans.

Read all the questions here.

The NCUA said credit unions should schedule "a mutually agreeable time" with examiners to discuss these questions. It also noted that "[m]any of the questions ask for your best estimates only; we do not anticipate significant research will be necessary."

NAFCU will continue working with the NCUA to ensure the agency is providing credit unions with adequate relief and resources during the coronavirus pandemic. NAFCU last week had conversations with NCUA Board Members Todd Harper and J. Mark McWatters to discuss the agency's efforts.

The association is also keeping credit unions updated on regulatory and legislative efforts to address challenges posed by the coronavirus. Access all NAFCU's coronavirus resources here.