REGULATING AGENCY: Louisiana Office of Financial Institutions
- Steve M. Dameron, Commissioner
- Christine Kirkland, Deputy Commissioner
- Website: ofi.state.la.us
STATS: (As of Dec 2020)
- TOTAL # SCUs: 22
- TOTAL # FCUs: 40
- SCU % OF TOTAL (SCUS #/STATE TOTAL #): 35% of 62 KY CUs
- TOTAL $ SCU ASSETS: $5,232,260,481
- TOTAL $ FCU ASSETS: $6,452,475,471
- TOTAL ASSETS: $11,684,735,952
- SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 45%
FUN FACT: The public saw an electric light for the first time in Louisville. Thomas Edison introduced his incandescent light bulb to crowds at the Southern Exposition in 1883.
March 24, 2021 — The Louisiana Credit Union League President/CEO joined credit union leagues around the country in signing a CUNA letter to the NCUA leadership on Friday. The letter urges the agency to provide additional relief to help credit unions facing prompt corrective action challenges.
In May 2020, the NCUA issued an interim final rule that provided credit unions relief related to PCA by permitting the NCUA Board to issue an order to temporarily waive the earnings retention requirement for any credit union classified as adequately capitalized. The interim final rule also permitted credit unions to submit simplified net worth restoration plans if the reduction in capital was caused by share growth resulting from a temporary condition due to the pandemic. The rule, however, expired on Dec. 31, 2020.
In the letter, CUNA asks that the NCUA adopt a new interim final rule, essentially identical to the 2020 interim final rule to provide relief to credit unions experiencing prompt corrective action issues related to an increase in share growth, with the relief remaining in effect until the end of the pandemic as determined by the Centers for Disease Control or other federal entity authorized to make such a determination.
The letter can be accessed on CUNA’s website.
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