NCUA and FinCEN issue COVID-19 guidance

You asked, you received. NCUA and FinCEN issued guidance for credit unions and other financial institutions concerned about the effects of COVID-19. Additionally, NAFCU received some clarification from the Federal Reserve on reserve requirements and Regulation D’s six transaction limitation.

NCUA Guidance

“We plan to take every step to ensure that our agency’s critical mission of protecting the safety and soundness of the credit union industry will continue to be executed as effectively and efficiently as possible,” the NCUA said in its Letter to Credit Unions. The agency’s letter contains helpful information about how to assist members, answers some FAQs, and gives information about upcoming examinations.

Helping Members

Many credit unions are trying out new strategies and offering different products or services in order to accommodate affected members. NAFCU has heard from many credit unions about the ways they’re attempting to ease the financial burdens of members. NCUA has encouraged these efforts and gives a few examples of how credit unions may assist members, including:

 

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