NCUA Releases COVID-19 Letter to Credit Unions

Asserting its concern for the health and safety of all NCUA staff, credit union staff, and credit union members, NCUA released LTCU 20-CU-02 regarding COVID-19.

In the letter NCUA outlines a number of strategies credit unions may consider when determining how to work with their members to address the impact of, and challenges associated with, COVID-19. NCUA also released a Frequently Asked Questions (FAQ) document to further assist federal credit unions in responding to the current situation. The FAQ outlines various options credit unions have, such as delaying annual meetings and how board meetings can be conducted.

NCUA is further  limiting examination and supervision work over the next couple of weeks to offsite procedures only, with a few exceptions for exigent circumstances. The agency will be evaluating this posture regularly and extending it as necessary.

NCUA has mandated telework for headquarters and regional office staff unless narrow exemptions are met.