The COVID Project
The record
- Jurisdiction
- United States; National Credit Union Administration (federal)
- Level
- Federal
- Authority
- 12 U.S.C. § 1790d(b), (e), (f)
- Issued
- 2020-05-28 May 28, 2020
- Effective
- 2020-05-28
- End
- 2020-12-31 (reintroduced by IFR and administrative order of April 26, 2021, in place until March 31, 2022, Ex. 049) (read as 2020-12-31)
- In force
- May 28, 2020 to Dec. 31, 2020
- Quarters
- 2020 Q22020 Q32020 Q4
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Other
- Addressees
- federally insured credit unions
- Functions reached
- OP capital and earnings retention
- SV (fee waivers and forbearance recognized as causes of earnings decline)
- Collection
- Federal financial regulators AGY-FED-FINANCIAL
Operative words
DATES: This rule is effective on May 28, [2020].... [The Board is] temporarily modifying certain [PCA requirements, including] the earnings retention requirement for [adequately capitalized credit unions and the documentation required for net worth restoration plans, to remain in] place until December 31, 2020.
Enforcement
12 C.F.R. part 702; 12 U.S.C. § 1790d
Notes
The Board's finding that credit unions' COVID-19 response (waived fees, forbearance) would reduce earnings and capital ratios
Retrieval noteFederal Register PDF read; bracketed words reconstruct column-garbled text.