NASCUS’ Ito: Move forward on capitalization of interest rule

(April 23, 2021) Following the Thursday NCUA Board meeting, NASCUS President and CEO Lucy Ito echoed the comments the association filed earlier this year that the agency should move forward quickly on finalizing the capitalization of interest rule. “As we said in February, we have no doubt credit unions will exercise the ability to capitalize interest to the benefit of their members in need. We are confident in the ability of state examiners to provide supervisory oversight of loan workouts and modifications,” she said. “Modernizing the existing and overly prescriptive limitations related to credit union loan modifications is crucial. When finalized, this rule will benefit both credit unions and economically distressed members – sorely needed relief for both.”