On April 21, 2020, the NCUA published a temporary final rule in the Federal Register that modifies certain regulatory requirements to help ensure that federally insured credit unions remain operational and liquid during the COVID-19 crisis. Specifically, the NCUA is temporarily raising the maximum aggregate amount of loan participations that a credit union may purchase from a single originating lender to the greater of $5,000,000 or 200 percent of the credit union’s net worth. The NCUA is also temporarily suspending limitations on the eligible obligations that a federal credit union may purchase and hold. In addition, given physical distancing policies implemented in response to the crisis, the NCUA is tolling the required timeframes for the occupancy or disposition of properties not being used for federal credit union business or that have been abandoned.
This rule is effective from April 21, 2020 through December 31, 2020.
The final rule can be found here.