The COVID Project
The record
- Jurisdiction
- United States
- Level
- Federal
- Authority
- Letter to Credit Unions (supervisory guidance); Federal Credit Union Act
- Issued
- 2020-03-16 Mar. 16, 2020
- Effective
- 2020-03-16
- End
- n/a (read as 2021-09-30)
- In force
- Mar. 16, 2020 to Sept. 30, 2021
- Quarters
- 2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Other
- Addressees
- federally insured credit unions
- Functions reached
- SV
- AT
- CL
- MK (annual meetings)
- OP
- Collection
- Financial Services SEC-13
Operative words
The NCUA encourages credit unions to work with affected borrowers... [including] Waiving automated teller machine (ATM) fees; Increasing ATM daily cash withdrawal limits; Waiving overdraft fees... Offering payment accommodations, such as allowing borrowers to defer or skip some payments, or extending the payment due dates... The NCUA emphasizes that prudent efforts to adjust or alter terms on existing loans in affected areas will not be subject to examiner criticism.... The FAQ outlines various options credit unions have, such as delaying annual meetings and how board meetings can be conducted.
Enforcement
Notes
The attached FAQ addressed delayed annual meetings, virtual board meetings and branch operating status.