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PCA flexibility coming soon from NCUA

PCA flexibility coming soon from NCUA CUNA and League advocacy efforts over the past 13 months have included a strong push with NCUA to ensure Prompt Corrective Action (PCA) flexibility and overall engagement with the agency to secure policies that support credit unions during the pandemic, CUNA Chief Advocacy Officer Ryan Donovan wrote in CUNA’s Removing Barriers Blog. NCUA approved an interim final rule in May 2020 to both allow the board to temporarily waive the earnings retention requirement for adequately capitalized credit unions and allow certain credit unions to submit simplified net worth restoration plans. This rule expired Dec.31. CUNA and all 34 credit union Leagues wrote to NCUA Chairman Todd Harper last month to encourage renewal of the interim final rule, and the topic was discussed this week at a meeting between Harper and CUNA’s Small Credit Union Community.

NCUA Chairman Harper named FFIEC chairman

NCUA Chairman Harper named FFIEC chairman NCUA Chairman Todd Harper has been named Chairman of the Federal Financial Institutions Examination Council (FFIEC). His two-year term runs from April 1, 2021, through March 31, 2023. The Council also named Blake Paulson, Acting Comptroller of the Currency, Office of the Comptroller of the Currency (OCC), as its new vice chairman for the same two-year term. “I am honored to serve as the next Chairman of the FFIEC and will work to foster communication, cooperation, and coordination within the Council to advance greater uniformity and best practices in supervision,” said Mr. Harper. “I want to thank past Chairmen Kathleen Kraninger and David Uejio for their service to the FFIEC. Going forward, our work will focus on the COVID-19 economic fallout, safety and soundness, consumer financial protection, economic equity and justice, cybersecurity, appraisals, and stakeholder collaboration.”

The CUInsight Experience podcast: Todd Harper - F I R E philosophy (#106)

The CUInsight Experience podcast: Todd Harper - F I R E philosophy (#106)
cuinsight.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cuinsight.com Daily Mail and Mail on Sunday newspapers.

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