Compliance Deadline: NCUA - Temporary Regulatory Relief in Response to COVID-19 – Prompt Corrective Action

Compliance Deadlines Add to Calendar 2023-03-31 17:00:00 2023-03-31 17:00:00 Compliance Deadline: NCUA - Temporary Regulatory Relief in Response to COVID-19 – Prompt Corrective Action On February 17, 2022, the National Credit Union Administration (NCUA) Board unanimously approved an interim final rule (IFR) extending temporary regulatory relief from the NCUA’s prompt corrective action (PCA) regulations granted under an April 2021 IFR. The temporary regulatory relief, now set to expire on March 31, 2023, helps ensure federally-insured credit unions (FICUs) will remain operational and liquid as the COVID-19 pandemic continues to impact FICUs’ balance sheets. The IFR temporarily enables the NCUA to waive the earnings retention requirement for any adequately capitalized FICU. The IFR also temporarily enables the NCUA to permit an undercapitalized FICU to submit a streamlined net worth restoration plan if the FICU’s undercapitalization is predominantly the result of share growth. Final Regulation – 21-EF-17; 22-EF-01 Download the latest full Compliance Calendar, including proposed regulations, past deadlines and more. Location NAFCU digital@nafcu.org America/New_York public

On February 17, 2022, the National Credit Union Administration (NCUA) Board unanimously approved an interim final rule (IFR) extending temporary regulatory relief from the NCUA’s prompt corrective action (PCA) regulations granted under an April 2021 IFR. The temporary regulatory relief, now set to expire on March 31, 2023, helps ensure federally-insured credit unions (FICUs) will remain operational and liquid as the COVID-19 pandemic continues to impact FICUs’ balance sheets. The IFR temporarily enables the NCUA to waive the earnings retention requirement for any adequately capitalized FICU. The IFR also temporarily enables the NCUA to permit an undercapitalized FICU to submit a streamlined net worth restoration plan if the FICU’s undercapitalization is predominantly the result of share growth.

Final Regulation – 21-EF-17; 22-EF-01

Download the latest full Compliance Calendar, including proposed regulations, past deadlines and more.