Jan. 14, 2021 – The NCUA Board approves a final rule that clarifies that corporate credit unions may purchase subordinated debt instruments issued by consumer credit unions.
Jan. 20, 2021 – President Joseph R. Biden, Jr. designates NCUA Board Member Todd M. Harper as the twelfth Chairman of the NCUA Board.
Feb. 18, 2021 – The NCUA Board approves a final rule amending the NCUA’s regulation governing the requirements for a share account to be separately insured as a joint account. The final rule provides federally insured credit unions with an alternative method to satisfy the membership card or account signature card requirement.
March 18, 2021 – The NCUA Board approves a temporary final rule that permits federally insured credit unions to use asset data as of March 31, 2020, to determine applicability of capital planning and stress testing requirements under the NCUA’s regulations. This data will also determine regional or national supervision of federally insured credit unions.
March 18, 2021 – The performance of the asset management estates that comprise the agency’s Corporate System Resolution Program means that the liquidating agent for U.S. Central Federal Credit Union, Members United Corporate Federal Credit Union, and Southwest Corporate Federal Credit Union the NCUA will be able to distribute $368 million to member capital account holders. Approximately 2,000 credit unions received a distribution in April 2021.
April 22, 2021 – The NCUA Board renews an interim final rule that makes two temporary changes to the NCUA’s prompt corrective action regulations. The first change temporarily reduces the earnings retention requirement for federally insured credit unions classified as adequately capitalized. The second change temporarily permits an undercapitalized credit union to submit a streamlined net worth restoration plan if it becomes undercapitalized predominantly because of share growth. This interim final rule is substantively similar to the interim final rule approved by the Board in May 2020.
May 20, 2021 – The NCUA Board approves a final rule modernizing the NCUA’s derivatives rule by moving it to a more principles-based approach while retaining essential safety and soundness components. It also includes guardrails, such as training and strong internal controls.
May 20, 2021 – The NCUA Board approves the issuance of a notice and request for comment on the methodology used to set the National Credit Union Share Insurance Fund’s normal operating level.
May 31, 2021 – The SBA’s Paycheck Protection Program (PPP), a COVID-related response program designed to support small business during the pandemic expires.
June 24, 2021 – The Board approves a final rule that removes the prohibition on the capitalization of interest in connection with loan workouts and modifications.
June 24, 2021 – The NCUA Board approves a final rule that phases-in the day-one adverse effects on regulatory capital that may result from fully implementing the current expected credit losses (CECL) accounting methodology.
July 22, 2021 – The NCUA Board approves a request for information on the current and potential impact digital assets, cryptocurrency, decentralized finance, and other related technologies will have on federally insured credit unions.
Aug. 12, 2021 – The NCUA begins industry-wide transition to using NCUA Connect, Admin Portal, Modern Examination and Risk Identification Tool (MERIT), and Data Exchange Application (DEXA) applications. The agency facilitates and completes all internal and external user training sessions between August 18, and December 14, 2021.
Sept. 8, 2021 – The NCUA hosts a webinar for credit unions about the modernized examination tools and provides an overview of how the modernization streamlines the examination process by allowing credit unions to securely transmit requested information, provide status updates on examination findings, and retrieve completed examination reports.
Oct. 21, 2021 – The NCUA Board approves a final rule that adds the “S” (Sensitivity to market risk) component to the existing CAMEL rating system, thus updating the rating system from CAMEL to CAMELS, and redefines the “L” (Liquidity risk) component. The benefits of adding the “S” component are to enhance transparency and allow the NCUA and federally insured, consumer and corporate credit unions to better distinguish between liquidity risk (“L”) and sensitivity to market risk (“S”). The addition of “S” also enhances consistency between the supervision of credit unions and financial institutions supervised by the other banking agencies.
Oct. 21, 2021 – The NCUA Board approves a final rule that amends the NCUA’s credit union service organization regulation. The final rule expands the list of permissible activities and services for CUSOs to include originating any type of loan that a federal credit union may originate; and grants the NCUA Board additional flexibility to approve permissible activities and services outside of notice-and-comment rulemaking.
Oct. 25, 2021 – The NCUA launches the Automated Cybersecurity Evaluation Toolbox, or ACET, application that provides credit unions the capability to conduct a maturity assessment aligned with the Federal Financial Information Council’s Cybersecurity Assessment Tool. Using the assessment within the toolbox allows institutions of all sizes to easily determine and measure their own cybersecurity preparedness over time.
Nov. 29, 2021 – The NCUA Board issues a joint letter requesting that Congress make permanent the enhancements to the Central Liquidity Facility contained in the CARES Act.
Dec. 16, 2021 – The NCUA Board approves a final rule that simplifies the risk-based capital requirements for eligible complex credit unions. Under the final rule, a complex credit union that maintains a minimum net worth ratio that meets other qualifying criteria is eligible to opt into the complex credit union leverage ratio (CCULR) framework if they have a minimum net worth ratio of 9 percent.
Dec. 21, 2021 – The NCUA Board approved an extension of the effective date of its temporary final rule that modified certain regulatory requirements to help ensure that federally insured credit unions remain operational and can address economic conditions caused by the COVID–19 pandemic. These temporary modifications will remain effective until Dec. 31, 2022.
Dec. 31, 2021 – The Consolidated Appropriations Act, 2021, which extended several pandemic-related relief measures originated in the CARES Act, expires.
