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NCUA RIN: 3133-AF19 Publication ID: Fall 2023 
Title: Prompt Corrective Action: Earnings Retention Waivers and Net Worth Restoration Plans 

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.  In a third interim final rule published on February 28, 2022, the Board extended the temporary provisions until March 31, 2023. The Board will review the comments received on this most recent rule.

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
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 
Third Interim Final Rule  02/28/2022  87 FR 10944   
Third Interim Final Rule Comment Period End  04/29/2022 
Final Rule  01/00/2024 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Information URL:  
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