REGULATING AGENCY: West Virginia Division of Financial Institutions
- Dawn Holstein, Commissioner
- Website: dfi.wv.gov
LEAGUE: West Virginia Credit Union League
- Ken Watts, President
- Website: wvcul.org
STATS: (As of Dec 2020)
- TOTAL # SCUs: 3
- TOTAL # FCUs: 81
- SCU % OF TOTAL (SCUS #/STATE TOTAL #): 4% of 84 WV CUs
- TOTAL $ SCU ASSETS: $90,393,441
- TOTAL $ FCU ASSETS: $4,133,645,930
- TOTAL ASSETS: $4,224,039,371
- SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 2%
FUN FACT: On February 14, 1824, at Harpers Ferry, John S. Gallaher published the “Ladies Garland,” one of the first papers in the nation devoted mainly to the interests of women.
March 22, 2021 — Last week, CUNA and state Leagues sent a letter to the NCUA Board to adopt an interim final rule to provide Prompt Corrective Action (PCA) relief to credit unions.
The temporary 2020 interim final rule (IFR) on PCA expired December 31, 2020.
This request comes at a time when credit unions have seen a significant increase in deposits due to government stimulus payments during the COVID-19 pandemic. As a result, the deposit influx has caused a decrease in the net worth ratio for many credit unions, and could in some instances, trigger Prompt Corrective Action by the regulator.
“We feel that it is only fair that the NCUA temporarily ease net-worth restrictions while the pandemic affects consumer saving and spending habits,” stated League President Ken Watts in an email to credit unions.
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