Berger calls for exam relief, further reg adjustments from NCUA
Amid impact from the coronavirus outbreak, NAFCU President and CEO Dan Berger Thursday urged the NCUA to cease all examination activity and make other regulatory adjustments that would alleviate strict compliance requirements currently in place for credit unions.
Berger pointed to the Federal Reserve’s announcement earlier this week ceasing all regular examination activity for institutions under $100 billion in assets and holding all examinations off-site to help minimize disruption and burden on financial institutions and calls for similar action from the NCUA.
“NAFCU requests the NCUA issue a statement adopting a similar approach for the credit union industry,” Berger suggested. “NAFCU does not support an arbitrary asset threshold as the deciding factor for which institutions receive an off-site examination versus no examination at all, but instead urges a risk-based analysis and approach to deciding whether safety and soundness concerns or another urgent need demands an examination now instead of deferring to later in the year.”
Although the NCUA’s updated FAQs indicate that the agency will be focused on off-site examinations through its secure information exchange portal, the entire examination process may pose substantial burden for credit unions at this time. In addition, the burden may be amplified in rural areas where staff working from home may have limited or slow internet access.
“Considering all credit unions across the country are affected, to some extent, by COVID-19, this extraordinary situation warrants a pause on examination activity until the fall of 2020 to allow credit unions an opportunity to focus on working with and meeting the needs of their members,” wrote Berger.
Additionally, Berger asked the NCUA provide several relief measures aimed at simplifying the processes of loan modifications, appraisal requirements for mortgages, and limitations on carrying and charging off negative balances.
The Senate-passed Phase 3 coronavirus relief package, the CARES Act, provides the NCUA with broad authority to suspend generally accepted accounting principles (GAAP) requirements with respect to loan modifications related to the coronavirus that would otherwise be categorized as troubled debt restructurings (TDRs).
“NAFCU and its member credit unions urge you to act swiftly to address these issues as consumer hardships and economic realities have already started to impact credit union operations,” Berger concluded.
The association will continue to work with the NCUA and stakeholders, including President Donald Trump, National Economic Council Director Larry Kudlow and Congress, to obtain relief for the credit union industry and its more than 120 million members.
Add to Calendar 2020-10-22 14:00:00 2020-10-22 14:00:00 Navigating Mergers and Acquisitions During these uncertain times, credit union mergers are a hard reality to face. We strive to strengthen credit unions with as much support as possible to maintain steady growth and success. While NAFCU does not encourage credit unions to merge, we realize mergers are a part of our industry’s reality. Please join us for a discussion on must-know concepts regarding mergers and other similar transactions, including bank and credit union branch acquisitions. This “101” presentation will focus on key concepts that will let you focus on the opportunities that will work for you, and the strategies that will bring you success. Again, NAFCU does not encourage mergers, but if you are considering one, we want you to be armed with helpful information. Key Takeaways Understand how to identify early whether merger or purchase/sale opportunities will bring material benefits Discuss strategic questions to ask your credit union whether merger is right for you (or how to stay independent) Review how to navigate major un-written rules in the application process Gain knowledge about member votes and communications Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire credit union access to the on-demand recording until October 22, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? Chief Executive Officers (CEOs) Executive Vice Presidents (EVPs) Chief Financial Officers (CFOs) Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar NCRMs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Understand how to identify early whether merger or purchase/sale opportunities will bring material benefits. Discuss strategic questions to ask your credit union whether merger is right for you (or how to stay independent). Review how to navigate major un-written rules in the application process. Gain knowledge about member votes and communications. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Finance – Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
Credits: NCCO, NCRM, CPE
Add to Calendar 2020-10-22 14:00:00 2020-10-22 14:00:00 [INTERVIEW] CU Blueprint for Secure Cloud-First Strategies About the Interview “Moving to the Cloud” can seem like an ambiguous, one-time, heavy-lift project, often leading to misunderstanding and analysis paralysis within credit unions. For your CU to stay competitive, you want to deliver a seamless digital experience that's more than flashy applications. It needs to be built on flexible, secure infrastructure that allows innovation. Join us for this panel discussion and learn practical, proven processes to establish and evolve secure, cloud-first strategies. Hear best practices in communication, talent, and technology, and walk away with a blueprint for your secure credit union transformation. Watch the Interview On-Demand Web NAFCU email@example.com America/New_York public
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