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NCUA agenda includes 2022-2026 strategic plan, final rule on service facilities
The NCUA Board Thursday is set to issue a final rule on service facilities and review the agency’s 2022-2026 strategic plan. Also on the agenda, the board will receive a briefing on the Share Insurance Fund Quarterly Report. On service facilities, NAFCU has previously written to the NCUA expressing support for the modernization of this rule.
In addition, the Board will receive two other briefings: one on the agency’s modernized examination tools including the latest on the Modern Examination and Risk Identification Tool (MERIT) and an update to the agency’s response to the pandemic.
Related to COVID flexibilities, NAFCU has previously written to the NCUA requesting to eliminate entirely or make permanent the increased cap on loan participations. The NCUA published an interim final rule in April of 2020 that temporarily raised the maximum aggregate amount of loan participations to be greater of $5 million or 200 percent of the credit union’s net worth. The NCUA extended this temporary flexibility to expire on Dec. 31, then limiting credit unions to a maximum agreement amount of loan participations to the greater of $5 million or 100 percent of the credit union’s net worth. In addition, NAFCU wrote to the Board requesting for permanent virtual meeting flexibility.
NAFCU will monitor the meeting, scheduled to begin at 10 a.m. Eastern, and update credit unions on the latest from the NCUA.