NCUA

In a party-line vote, the agency issued a proposal that would redefine a "complex" credit union.

The National Credit Union Administration and the Consumer Financial Protection Bureau will hold strategy sessions and share information tied to consumer protections at institutions with more than $10 billion of assets.

Industry groups say the coronavirus has highlighted additional risks faced by institutions without a diverse member base.

In a letter to credit unions, NCUA urged federally chartered shops to expand their fields of membership to underserved areas, regardless of geography, in order to boost financial inclusion in the wake of the pandemic.

The agency will once again tackle one of its most controversial subjects when it meets on Jan. 14 for an ambitious agenda on what could be Rodney Hood's final meeting as chairman.

CO Federal Credit Union, which has $4.5 million in assets and serves just 785 members, was conserved due to unsafe and unsound practices, the regulator said.

The panel unanimously approved the measure by a notation vote, its second such move in weeks, and the proposal will now be subject to a comment period.

In December, the National Credit Union Administration barred the individuals from working in the financial services sector for taking money from their institutions for personal use.

The National Credit Union Administration juggled several challenges this year beyond the pandemic recession, including an inspector general's report about alleged misconduct by two former employees and criticism that board members had lost their old spirit of comity.

Provisions implemented under the CARES Act that made it easier for institutions to utilize NCUA's Central Liquidity Facility have been extended for a year with the signing of Consolidated Appropriations Act.