NCUA to consider PCA proposal at upcoming meeting

The NCUA board of directors will hold its monthly meeting on Thursday, April 23. During the meeting, the board will consider a proposed rule on capital adequacy and prompt corrective action.

The New York Credit Union Association last month joined CUNA and other state leagues in penning a letter to NCUA leadership urging additional relief to help credit unions facing prompt corrective action challenges. In the letter, the advocacy organizations asked the NCUA to 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 NCUA board will also hear a cybersecurity briefing during the Thursday board meeting, which will be streamed on NCUA’s website.

Results from the meeting will be reported in The New York Minute.

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