Credit Union National Association (CUNA) Deputy Chief Advocacy Officer and Senior Counsel released the following statement after the National Credit Union Administration (NCUA) board approved an interim final rule on prompt corrective action (PCA). CUNA has requested PCA flexibility due to the pandemic in multiple communications with NCUA in recent weeks.
“We thank NCUA for reviewing its PCA regulations with an eye on additional flexibility for credit unions that may see a temporary dip in their net worth leverage ratio due to the effects of COVID-19. CUNA supports giving credit unions flexibility to help them aid in COVID-19 recovery efforts while helping ensure they remain operational and liquid throughout the crisis.”