In response to the COVID-19 pandemic, the NCUA mandated a strict offsite policy for all employees and contracted support staff as of March 16. All NCUA examinations will take place offsite through May 1, and this offsite policy will remain in effect until further notice. The NCUA plans to reevaluate this approach through the duration of the COVID-19 pandemic and will notify credit unions of any changes to the procedures.
“As credit unions work hard to do everything they can to assist members during this time of uncertainty, we are happy to see NCUA taking steps to minimize the burden imposed upon them,” said Laura Gober, LSCU vice president of compliance and regulatory services.
As the NCUA limits contact in the interest of safety, it also limits the burden imposed on credit unions, allowing them to focus on providing uninterrupted service to members. This letter outlines the NCUA’s approach to the examination and supervision program.
Additionally, on March 28, the NCUA Board voted unanimously to extend the comment period for the proposed combination transactions rule by 60 days. Proposed in January, this role provides greater clarity on the process for federally insured credit unions interested in merging with or assuming liabilities of financial institutions that are not credit unions. The new due date for public comments will be published in the Federal Register in the near future.