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Temporary Regulatory Relief in Response to COVID-19

NCUA · final-rule · Published 2020-04-21 · Effective 2020-04-21 · 85 FR 22010

Document

Document number
2020-08434
Federal Register citation
85 FR 22010
CFR reference
12 CFR 701
Type
Rule
Action
Temporary final rule.
Category
final-rule
Agency
US National Credit Union Administration
Publication date
2020-04-21
Effective date
2020-04-21

Abstract

The NCUA Board (Board) is temporarily modifying certain regulatory requirements to help ensure that federally insured credit unions (FICUs) remain operational and liquid during the COVID-19 crisis. Specifically, the Board is temporarily raising the maximum aggregate amount of loan participations that a FICU may purchase from a single originating lender to the greater of $5,000,000 or 200 percent of the FICU's net worth. The Board is also temporarily suspending limitations on the eligible obligations that a federal credit union (FCU) may purchase and hold. In addition, given physical distancing policies implemented in response to the crisis, the Board is tolling the required timeframes for the occupancy or disposition of properties not being used for FCU business or that have been abandoned. These temporary modifications will be in place until December 31, 2020, unless extended.

Source

Authoritative
Federal Register document
Machine
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