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Ex. AGY-FED-FINANCIAL-045 Order Primary source read

Letter to Credit Unions 20-CU-18 and NCUA Board administrative order of June 5, 2020

Prompt Corrective Action Regulatory Relief Measures in Response to the COVID-19 Pandemic

NCUA Board (administrative order of June 5, 2020) and NCUA staff letter · United States; National Credit Union Administration (federal) (Federal)

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The COVID Project

The record

Jurisdiction
United States; National Credit Union Administration (federal)
Level
Federal
Authority
12 U.S.C. § 1790d(e); 12 C.F.R. § 702.201(c) as amended
Issued
2020-06-01 June 1, 2020
Effective
2020-06-05
End
2020-12-31
In force
June 5, 2020 to Dec. 31, 2020
Quarters
2020 Q22020 Q32020 Q4
Limitation types
Other
Addressees
  • federally insured credit unions
Functions reached
  • OP capital
  • SV
Collection
Federal financial regulators AGY-FED-FINANCIAL

Operative words

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' 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

Notes

Implements Ex. 044

Retrieval note

Month-dated letter (June 2020).

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.