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Ex. AGY-FED-FINANCIAL-038 Context (guidance or announcement) Primary source read

Letter to Credit Unions 20-CU-13

Working with Borrowers Affected by the COVID-19 Pandemic

NCUA · United States; National Credit Union Administration (federal) (Federal)

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The COVID Project
Context, not an order

This 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
2020-04-07 (date of the revised interagency statement it transmits) (read as 2020-04-07)
End
Not rescinded within the period (read as 2021-09-30)
In force
Apr. 7, 2020 to Sept. 30, 2021
Quarters
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
Limitation types
Other
Addressees
  • federally insured credit unions
Functions reached
  • SV servicing and modifications
  • CL
  • ML
  • BL
  • CB
Character
context
Collection
Federal financial regulators AGY-FED-FINANCIAL

Operative words

As a reminder, the NCUA encourages credit unions to work with impacted borrowers. NCUA examiners will not criticize a credit union's efforts to provide prudent relief for borrowers when such efforts are conducted in a reasonable manner with proper controls and management oversight.... [The letter transmits the] revised Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus [and] describes how credit unions should monitor and report loan modifications.

Enforcement

Supervisory; CARES Act § 4013

Notes

Credit-union counterpart of Ex. 015

Retrieval note

Month-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.)).

A record of The COVID Project. The instrument's text is the source's; the summary fields are The COVID Project's reading of it. Not legal advice.