Regulatory Relief Measures
Last Reviewed: May 2022
Due to the impact of COVID-19, multiple regulatory agencies are issuing relief that may impact the credit union.
“The Consumer Financial Protection Bureau is rescinding certain COVID-19 regulatory flexibility guidelines that were issued last year. Credit unions should check to see if their procedures may need to be amended accordingly. “
Regulatory Relief Measures: Accounting Considerations
- NCUA Examiner’s Guide – Allowance for Loan and Lease Losses
- NCUA Examiner’s Guide - Liquidity
- NCUA - Joint Guidance – Loan Modifications and Reporting - Coronavirus
- NCUA - Joint Guidance – REVISED Loan Modification and Reporting
- NCUA Letter 20-CU-08 – Central Liquidity Facility Membership and Borrowing Authority
- NCUA – PCA Regulatory Relief for COVID-19
- NCUA – PCA Regulatory Relief for COVID-19 (2/28/22)
- NCUA – PCA Regulatory Relief for COVID-19 (Expires March 31, 2023)
- NCUA - Temporary Relief (Loan Participation Limit, Eligible Obligations and Disposal of Assets)
Regulatory Relief Measures: Board Meetings
The NCUA issued a letter to credit unions on March 20, 2020 that allows a federal credit union to adopt by a two-thirds vote of its Board of Directors a bylaw amendment to Article IV without going through the formal bylaw approval process with the NCU The bylaw option, which is provided in detail below, allows for the annual meeting to be conducted virtually.
Section 6. Emergency exception to in-person quorum requirement. This credit union may hold its annual meeting of the members, and special member meetings for authorized purposes other than member expulsion under Article XIV of these bylaws, virtually (webcasts, teleconferences, virtual meeting rooms or similar means that permit members to listen, vote as necessary and participate) and without an in-person quorum if all of the following conditions apply and are certified in meeting minutes by a resolution of the majority of a quorum of the board of directors:
- At least one of the following is located in an area where a federal, state, or local authority has declared a state of emergency or major disaster:
- all or part of a community the credit union serves; or
- the credit union’s headquarters.
- The credit union has the technological capacity to facilitate virtual meeting attendance, voting, and participation.
- Members receive at least seven days’ advance notice of the change to a virtual meeting format and appropriate instructions for how to join, participate, and vote during the virtual meeting.
- The NCUA has issued general or specific guidance notifying the credit union that it is appropriate to invoke this bylaw provision.
An additional option for the credit union may be a delayed annual meeting. The credit union has the ability to postpone its annual meeting date, providing notice
Regulatory Relief Measures: General Operations
- CFPB - FAQs Payments and Deposits Rules – COVID-19
- CFPB - Policy Statement on Remittance Transfers – COVID-19
- CFPB - Treatment of COVID-19 Pandemic Relief Payments
- Coronavirus-related relief for retirement plans and IRAs – FAQs
- Relief for Employment Tax Deadlines for Employers
- Rollover Relief for Required Minimum Distributions
- NCUA – COVID-19 Response – Low Income Credit Union Grants/Loans
- NCUA Examiner's Guide - General Operations
- NCUA Exaimer's Guide - COVID-19 Relief
- NCUA Joint Guidance – Meeting needs of Members Affected by Coronavirus
- NCUA Letter 02-CU-02 – Actions Related to COVID-19
- NCUA Letter 20-CU-07 – Summary of CARES Act Relief
- NCUA Letter 20-CU-12 – Outreach Related to COVID-19 Impact
- NCUA Outreach Survey Questions
Regulatory Relief Measures: Loan Origination and Mortgage Servicing
- Billing Error Resolution Timeframes in Light of COVID-19
- Credit Reporting Guidance (CARES Act)
- ECOA Valuations Rule Flexibility – COVID-19
- FAQs Open-End (not home secured) Rules – COVID-19
- Interim Final Rule – Treatment of Related Loss Mitigation Options under RESPA
- Interpretive Rule – TRID Right of Rescission – COVID-19
- Mortgage Servicing FAQs related to COVID-19
- Protections for Borrowers Affected by COVID-19 under RESPA
- Additional COVID-19 Recovery Options for Homeowners
- Foreclosure and Eviction Moratorium Extended
- Foreclosure and Eviction Moratorium Extended to December 31, 2020.
- Payment Deferral Repayment Option – COVID-19
- Refinance and Home Purchase Eligibility for Borrowers in Forbearance
- Examiner’s Guide – Credit Risk Management
- Examiner’s Guide – Loan Workouts
- Examiner’s Guide – Small Dollar Loans
- Joint Guidance - Interagency Statement on Appraisals and Evaluations for Real Estate Related Financial Transactions Affected by the Coronavirus
- Joint Guidance on Mortgage Servicing Rules in Response to COVID-19 and the CARES Act
- Joint Statement on Additional Loan Accommodations Related to COVID-19 (8/4/2020)
- Letter 20-CU-10 – Residential Appraisals Threshold Increase and Other COVID-19 Related Relief Measures
- Regulatory Alert 20-RA-06 – Treatment of Certain COVID-19 Related Loss Mitigation Options under RESPA (Updated 7/29/2020)
- Temporary Regulatory Relief in Response to COVID-19 – Extension (12/22/2020)
Regulatory Relief Measures: Model Policies
The following policy from CU PolicyPro can be used to help you craft your own policy on this topic:
- Model Policy 7362: Temporary Policy for Loan Modifications and Reporting (COVID-19) - updated 12/30/2021
We recommend reviewing your own policies to see if this policy or similar policies have already been customized and are in use by your credit union. If you're not sure if your credit union subscribes to CU PolicyPro, contact email@example.com for assistance.