{"id":"AGY-FED-FINANCIAL-049","kind":"order","level":"federal","jurisdiction":"United States; National Credit Union Administration (federal)","state":"","metro":"","industry":"","agency":"FED-FINANCIAL","eco":"","issuer":"NCUA Board (interim final rule and administrative order of April 26, 2021) and NCUA staff letter","authority":"12 U.S.C. § 1790d(e); 12 C.F.R. § 702.201","instrument":"Letter to Credit Unions 21-CU-04 and NCUA Board administrative order of April 26, 2021","title":"Renewal of Prompt Corrective Action Relief","dateIssued":"2021-06-01","effective":"2021-04-26 (administrative order)","end":"2022-03-31","startDate":"2021-04-26","endDate":"2022-03-31","quarters":["2021Q2","2021Q3"],"types":["OTHER"],"addressees":["federally insured credit unions"],"clause":"Due to the continued impact of the COVID-19 pandemic, however, the NCUA Board decided to reintroduce the two temporary changes to NCUA\u0027s PCA regulations described below to prevent operational disruptions caused by temporary COVID-19 related conditions.... On April 26, 2021, the NCUA Board issued an Administrative Order that amended § 702.201 to waive the earnings-retention requirement for [adequately capitalized credit unions, to remain] in place until March 31, 2022.","enforcement":"12 C.F.R. part 702","functions":["OP capital and earnings retention","SV"],"notes":"A Q3 2021 instrument: in June 2021 the NCUA Board found \u0027the continued impact of the COVID-19 pandemic\u0027 warranted PCA relief through March 31, 2022","sourceUrl":"https://www.ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/renewal-prompt-corrective-action-relief","snapshot":"https://web.archive.org/web/2021/https://www.ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/renewal-prompt-corrective-action-relief","fileExists":true,"fileBytes":450020,"grade":"primary","character":"","description":"","collection":"AGY-FED-FINANCIAL","url":"/library/AGY-FED-FINANCIAL-049","exhibitUrl":"/exhibit/AGY-FED-FINANCIAL-049","citation":"NCUA Board (interim final rule and administrative order of April 26, 2021) and NCUA staff letter, Letter to Credit Unions 21-CU-04 and NCUA Board administrative order of April 26, 2021 (June 1, 2021) (Ex. AGY-FED-FINANCIAL-049)","stateName":"","related":[]}