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NCUA RIN: 3133-AF19 Publication ID: Fall 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.

 

 
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
Timetable:
Action Date FR Cite
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 
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  
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