How NCUA is tackling the coronavirus
Much of the National Credit Union Administration's focus in recent months has shifted to how the agency responds to the coronavirus. The board's next monthly meeting, scheduled for Thursday, is likely to be no exception.
This time around, however, the panel will take up matters less directly related to the pandemic and its economic fallout.
Along with the quarterly report on the National Credit Union Share Insurance Fund and a proposal on joint ownership share accounts, NCUA is also expected to examine two issues that could become crucial in the months ahead.
The first, an interim final rule on overdraft policies, could have a widespread impact on credit union members dealing with reduced incomes as a result of the pandemic. The latter, an interim final rule on prompt corrective action, could be impactful later on if credit unions begin to see sustained losses or significant drops in capital as a result of the current economic crisis.
Ed. Coverage of the meeting can be found here.
Until then, the following is an outline of some of the actions NCUA has taken to address the coronavirus and how some of those measures have been received.