NCUA Advises: Be Prepared!
by CUAD Communications
3/16/2020

Federal financial institution regulators and state regulators are encouraging financial institutions to meet the financial needs of customers and members affected by the coronavirus. The agencies recognize the potential impact of the coronavirus on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision.

Regulators note that financial institutions should work constructively with borrowers and other customers in affected communities. Prudent efforts that are consistent with safe and sound lending practices should not be subject to examiner criticism.

The agencies understand that many financial institutions may face current staffing and other challenges.  In cases in which operational challenges persist, regulators will expedite, as appropriate, any request to provide more convenient availability of services in affected communities. The regulators also will work with affected financial institutions in scheduling examinations or inspections to minimize disruption and burden.

Amy Kleinschmit, CUAD’s Chief Compliance Officer, would like to remind us all that NOW is the time to be proactive. This situation should be treated as seriously and similar to a natural disaster or government shutdown. We are here to help! Contact Amy or any of the regulators below with questions.

Agency                        Contact Name                                    Phone

FDIC                             Julianne Fisher Breitbeil                     202.898.6895

CFPB                            Marisol Garibay                                  202.435.7170

CSBS                            Jim Kurtzke                                        202.728.5733

Federal Reserve          Darren Gersh                                      202.452.2955

NCUA                           Ben Hardaway                                    703.518.6333

OCC                             Bryan Hubbard                                    202.649.6870

 

NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov(opens new window), NCUA also educates the public on consumer protection and financial literacy issues.

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