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NCUA issues new FAQs related to coronavirus, offers webinar on TDR
UPDATE: The interagency webinar has been postponed. A rescheduled date has yet to be announced.
NCUA issued 16 FAQs related to the coronavirus' impact on the agency and credit union operations. NAFCU is working closely with the NCUA to ensure credit unions receive the guidance and relief needed to work through coronavirus issues and continue to serve members.
In the past few days, the NCUA has joined with other regulators to encourage financial institutions to support borrowers, announced a bylaw amendment credit unions can adopt to hold virtual meetings in certain circumstances, and offered urgent needs grants to federally insured, low-income designated credit unions that are incurring unexpected costs.
The NCUA and federal and state regulators will also host an interagency webinar Friday to clarify the interagency statement on supporting borrowers, specifically addressing troubled debt restructurings (TDRs). The webinar is scheduled for 2 p.m. Eastern; registration is available here and questions can be submitted in advance via email.
The FAQs address several areas the NCUA and other federal regulators have released guidance on, including:
- planning annual meetings and board of directors meetings;
- delaying annual meetings or board elections;
- restricting access or closing facilities;
- filing Bank Secrecy Act reports; and
- filing quarterly call reports.
In addition, the FAQs further explain the impact on NCUA examinations and supervision, using the agency's Central Liquidity Facility (CLF), guidance on working with borrowers affected by the coronavirus pandemic, resources for share insurance questions, and more.
NAFCU President and CEO Dan Berger last week spoke with NCUA Board Chairman Rodney Hood to further discuss the association's requests for relief to help credit unions deal effectively with the coronavirus.
To assist with NAFCU's advocacy efforts, credit unions are encouraged to email any updates on how their institution is being impacted and steps that they are taking to help members to advocacy@nafcu.org.
Stay tuned to NAFCU Today for the latest developments, and access the association's coronavirus resource page.