NCUA

Many credit union employees are currently working from home to slow the spread of COVID-19 but this can invite more attacks from cyber criminals.

The National Credit Union Administration board unanimously approved changes to an interim rule regarding the regulator's Central Liquidity Facility.

The regulator must speed up its capital reform efforts while taking immediate steps to reduce the examination burden.

Some regulators had started shifting to more remote oversight before the pandemic, though the initiatives haven't been a priority for credit unions and their advocates.

Congress and financial regulators have implemented a number of measures to help the industry survive the financial impact of the pandemic, and a fourth phase of stimulus could be coming.

For the second time in a week, the National Credit Union Administration has delayed the deadline for public comment on a proposed regulation.

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.

Accommodations for borrowers affected by the coronavirus pandemic, such as payment delays and fee waivers, are "positive and proactive actions that can manage or mitigate adverse impacts," several banking agencies said.

Accommodations for borrowers affected by the coronavirus pandemic, such as payment delays and fee waivers, are "positive and proactive actions that can manage or mitigate adverse impacts," the regulators said.

The Ohio Democrat argued that the public wouldn't be able to meaningfully provide feedback on rules given the stressful circumstances related to the outbreak.

The National Credit Union Administration also ordered its own employees to work from home until at least the end of March.