NCUA agenda covers asset thresholds, PCA, more

by NAFCU Newsroom
NCUA

The NCUA Board next week is set to issue an interim final rule (IFR) on prompt corrective action (PCA), as well as propose a rule regarding asset threshold for determining the appropriate supervisory office. Also on the agenda, the board will receive a briefing on the National Credit Union Share Insurance Fund (SIF) quarterly report.

The meeting, scheduled to begin at 11:30 a.m. Eastern, will be available via livestream on the agency’s website.

NAFCU has urged the NCUA to provide broader relief regarding the timeframe for calculating credit union assets in order to help those credit unions that have seen notable share growth during the pandemic, and are nearing, but have not yet passed the threshold for compliance with capital planning and stress testing requirements. The association has also urged the agency to work with the CFPB to establish a uniform asset threshold measurement for credit unions crossing the $10 billion threshold, noting that adopting a longer, multi-quarter asset threshold measurement would help address inaccuracy risks from rapid but possibly impermanent share growth.

 

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