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
- Issued
- 2021-06-01 June 1, 2021
- Effective
- 2021-04-26 (administrative order) (read as 2021-04-26)
- End
- 2022-03-31
- In force
- Apr. 26, 2021 to Mar. 31, 2022
- Quarters
- 2021 Q22021 Q3
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Other
- Addressees
- federally insured credit unions
- Functions reached
- OP capital and earnings retention
- SV
- Collection
- Federal financial regulators AGY-FED-FINANCIAL
Operative words
Due to the continued impact of the COVID-19 pandemic, however, the NCUA Board decided to reintroduce the two temporary changes to NCUA's PCA regulations described below to prevent operational disruptions caused by temporary COVID-19 related conditions.... On April 26, 2021, the NCUA Board issued an Administrative Order that amended § 702.201 to waive the earnings-retention requirement for [adequately capitalized credit unions, to remain] in place until March 31, 2022.
Enforcement
Notes
A Q3 2021 instrument: in June 2021 the NCUA Board found 'the continued impact of the COVID-19 pandemic' warranted PCA relief through March 31, 2022
Retrieval noteMonth-dated letter (June 2021); the companion IFR (86 Fed. Reg., April 2021) was not separately saved.