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NCUA | RIN: 3133-AF19 | Publication ID: Spring 2021 |
Title: Temporary Regulatory Relief in Response to COVID-19 Prompt Corrective Action | |
Abstract:
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.
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Agency: National Credit Union Administration(NCUA) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 12 CFR 702 | |
Legal Authority: 12 U.S.C. 1766(a) 12 U.S.C. 1790d |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Information URL: https://www.ncua.gov/regulation-supervision/rules-regulations/proposed-pending-recently-final-regulations/recent-final-interim-final | |
RIN Data Printed in the FR: No | |
Agency Contact: Marvin Shaw Senior Staff Attorney National Credit Union Administration 1775 Duke Street, Alexandria, VA 22314 Phone:703 518-6553 Fax:703 518-6569 Email: mshaw@ncua.gov |