NCUA extends PCA relief through 2023

Published by: Sean Brown

February 23, 2022 | Political Action

The League knows adjusting your credit union’s portfolio strategy to account for evolving economic challenges is a priority, that’s why we consistently advocate for ongoing regulatory relief that empowers Ohio credit unions to make necessary operating adjustments without impacting safety and soundness. Recently, the National Credit Union Administration (NCUA) Board unanimously voted to extend the temporary Prompt Correction Action (PCA) regulatory relief rule through Dec. 31, 2023, further modifying the documentation required for undercapitalized credit unions net worth restoration plans. The extension will allow credit unions ample time and operational flexibility to meet compounding share growth stresses without impacting member service as the economy emerges from the COVID-19 pandemic. The League will continue advocating for extended PCA relief as it remains an essential element for future credit union success to account for the long-term operational impacts beyond the pandemic’s immediate effects.

You can read the League’s previous comment letter and connect with the League’s Director of Regulatory Affairs, Sean Brown, for any questions or concerns about the NCUA’s decision.

Contact Sean Brown for questions or assistance.

Sean Brown
Sean Brown Director, Regulatory Affairs E: sbrown@ohiocul.org
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