Summary: Letter to Credit Unions 20-CU-12 Outreach Related to COVID-19 Impact

Letter to Credit Unions 20-CU-12 Outreach Related to COVID-19 Impact

April 2020

NCUA issued this LTCU to notify credit unions about an NCUA outreach initiative in which NCUA examiners will be contacting credit unions between May 4 and May 18 to review a list of  32 primary questions (with some questions having follow-up sub-questions).

NASCUS note: NCUA should be working with state regulators to coordinate the information gathering. NASCUS is aware that in some cases many of these questions have already been asked by state agencies in their ongoing remote supervision efforts.

For example, NCUA’s outreach questions include information requests related to:

  • Credit union operational status
  • How has the credit union altered services such as drive-thru only, lobby status, and appointments?
  • Questions regarding % of CU staff still working
  • COVID impact on the credit union’s membership
  • Credit union liquidity
  • Is the credit union experiencing higher than average cash withdrawals?
  • What is the daily average cash withdrawal rate?
  • Deposit and ACH information
  • Question related to credit union borrowings and contingency funding plans
  • Performance metrics
  • Percentages of real estate and auto loans in forbearance
  • Percentage of unsecured loans in forbearance
  • Status of commercial loan portfolio
  • Participation in SBA or other programs
  • Information on collections staffing

NCUA notes that the agency has also been monitoring the effect of COVID-19 on credit unions through information provided by:

  • corporate credit unions
  • other financial service providers
  • other government agencies