The COVID Project
Context, not an orderThis record is guidance or an announcement kept for context. It is not counted among the orders in force.
The record
- Jurisdiction
- United States; National Credit Union Administration (federal)
- Level
- Federal
- Authority
- 12 U.S.C. § 1766(a)
- Issued
- 2020-04-01 Apr. 1, 2020
- Effective
- April 2020 (relief measures effective April 21, 2020 on publication of the IFR) (read as 2020-04-21)
- End
- 2020-12-31, extended to 2021-12-31 (Ex. 048) (read as 2021-09-30)
- In force
- Apr. 21, 2020 to Sept. 30, 2021
- Quarters
- 2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Business closureOther
- Addressees
- federally insured credit unions
- Functions reached
- BR premises (unused or closed premises tolled from the occupancy rule)
- BL loan participations and eligible-obligation purchases
- OP
- Character
- context
- Collection
- Federal financial regulators AGY-FED-FINANCIAL
Operative words
Given the unprecedented challenges posed by the COVID-19 pandemic, the NCUA is providing temporary relief from certain regulatory requirements.... Under § 701.36(c), federal credit unions cannot retain premises that are not being used to conduct credit union business unless they apply for, and are granted, a waiver. The NCUA Board is amending the timeframe for calculating the need for such waivers. Any days that fall within the date of the temporary final rule's publication in the Federal Register and December 31, 2020, will not be counted for purposes of determining a federal credit union's compliance with the required time periods described in § 701.36(c).
Enforcement
12 C.F.R. part 701; 12 U.S.C. § 1786
Notes
The NCUA's recognition that credit union premises would stand unused during the pandemic; the occupancy clock was stopped from April 21 to December 31, 2020 and then to December 31, 2021
Retrieval noteMonth-dated letter (April 2020). Cite it as context and cite the underlying order, statute or emergency rule it describes as the instrument. (Bulletins whose operative text imposes a mandatory duty on licensees under the regulator's own authority are excluded from this downgrade and listed separately for review.)).