3133-AF19 202110 The Regulatory Plan and the Unified Agenda of Federal Regulatory and Deregulatory Actions 3133 National Credit Union Administration NCUA Temporary Regulatory Relief in Response to COVID-19 Prompt Corrective Action

The NCUA Board (Board) issued an interim final rule that temporarily modified certain regulatory requirements to help ensure that federally insured credit unions (FICUs) remain operational and liquid during the COVID-19 crisis.  Specifically, this interim final rule made two temporary changes to its Prompt Corrective Action (PCA) regulations: the first change temporarily waived the earnings retention requirement for any FICU that is adequately capitalized, and the second temporarily modified submission requirements for certain net worth restoration plans. These temporary modifications were in place until December 31, 2020.  Through a second interim final rule published on April 29, 2021, the Board re-implemented the temporary provisions until March 31, 2022.  The Board solicited public comment on both interim final rules and is reviewing the comments received.

 

]]> Substantive, Nonsignificant Previously Published in The Unified Agenda Final Rule Stage No No 12 CFR 702 12 U.S.C. 1766(a) 12 U.S.C. 1790d No Interim Final Rule 05/28/2020 85 FR 31952 Interim Final Rule Comment Period End 06/29/2020 Second Interim Final Rule 04/19/2021 86 FR 20258 Second Interim Final Rule Comment Period End 06/18/2021 Final Action 03/00/2022 No No None No https://www.ncua.gov/regulation-supervision/rules-regulations/proposed-pending-recently-final-regulations No No Marvin Shaw Senior Staff Attorney 3133 National Credit Union Administration NCUA 703 518-6553 703 518-6569 mshaw@ncua.gov 1775 Duke Street, Alexandria VA 22314