{"id":"AGY-FED-FINANCIAL-045","kind":"order","level":"federal","jurisdiction":"United States; National Credit Union Administration (federal)","state":"","metro":"","industry":"","agency":"FED-FINANCIAL","eco":"","issuer":"NCUA Board (administrative order of June 5, 2020) and NCUA staff letter","authority":"12 U.S.C. § 1790d(e); 12 C.F.R. § 702.201(c) as amended","instrument":"Letter to Credit Unions 20-CU-18 and NCUA Board administrative order of June 5, 2020","title":"Prompt Corrective Action Regulatory Relief Measures in Response to the COVID-19 Pandemic","dateIssued":"2020-06-01","effective":"2020-06-05","end":"2020-12-31","startDate":"2020-06-05","endDate":"2020-12-31","quarters":["2020Q2","2020Q3","2020Q4"],"types":["OTHER"],"addressees":["federally insured credit unions"],"clause":"On June 5, 2020, the NCUA Board approved an administrative order reducing the amount of earnings retention required for credit unions classified as adequately capitalized. Additionally, the letter discusses credit unions\u0027 authority to submit a streamlined net worth restoration plan (NWRP) if their net worth [declines because of COVID-19-related conditions such as] waived fee income, forbearance on loan payments, or an unexpected increase in expenses.","enforcement":"12 C.F.R. part 702","functions":["OP capital","SV"],"notes":"Implements Ex. 044","sourceUrl":"https://www.ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/prompt-corrective-action-regulatory-relief-measures-response-covid-19-pandemic","snapshot":"https://web.archive.org/web/2021/https://www.ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/prompt-corrective-action-regulatory-relief-measures-response-covid-19-pandemic","fileExists":true,"fileBytes":497981,"grade":"primary","character":"","description":"","collection":"AGY-FED-FINANCIAL","url":"/library/AGY-FED-FINANCIAL-045","exhibitUrl":"/exhibit/AGY-FED-FINANCIAL-045","citation":"NCUA Board (administrative order of June 5, 2020) and NCUA staff letter, Letter to Credit Unions 20-CU-18 and NCUA Board administrative order of June 5, 2020 (June 1, 2020) (Ex. AGY-FED-FINANCIAL-045)","stateName":"","related":[]}