NCUA

The regulator will provide $4 million in loans and $800,000 in grants so institutions can assist their communities during the pandemic.

The industry still grapples with stopping corrupt employees — the failure of CBS Employee FCU last year highlights that — and now that could become even harder with the pandemic.

The regulator formally announced the 60-day delay on Monday after tweeting about it over the weekend.

The credit union regulator will hold off in-person examinations until at least May and has already pushed back at least one comment deadline as the pandemic worsens.

The $2 trillion stimulus package, which the House passed earlier in the day, aims to expand Federal Reserve liquidity resources and provide financial institutions with some regulatory relief.

The joint statement said examiners will not impede banks and credit unions’ responsible efforts to offer open lines of credit, closed-installment loans or other products to borrowers dealing with fallout from the pandemic.

NAFCU and CUNA wrote to the regulator asking for a variety of measures to help credit unions weather the pandemic, including not implementing the CECL standard until at least 2024.

The joint statement said examiners will not impede banks’ responsible efforts to offer open lines of credit, closed-installment loans or other products to borrowers dealing with fallout from the pandemic.

While loans continued to increase, growth was slower than one year previously and membership was flat.

The credit union regulator's Office of Credit Union Resources and Expansion is making grants of up to $7,500 available to low-income designated institutions.