NCUA Provides Guidance to Federal Credit Unions to Navigate Through the Pandemic
These are unique times for credit unions along with many other businesses. In addition to being responsive to concerns from members about mortgages, car loans, and other debts they owe the credit union, the credit union has regulatory issues and concerns of its own. The NCUA recognizes that credit unions are facing unprecedented and challenging situations. They have published several resources on their website, and we recommend that each credit union designate a leader to regularly monitor this page. As part of addressing credit union concerns, the NCUA established a Frequently Asked Questions page that addresses real concerns about upcoming annual meetings, board issues if the meeting is delayed, adapting operations, dealing with regulators, working with members toward loan modifications, and other areas of concern.
Should your credit union be interested in providing Small Business Administration loans to members, NCUA stated it would not criticize such a decision and has published guidance for those considering SBA participation: Small Business Administration Loan Programs to Help Small Businesses and Members During the COVID-19 Pandemic.
Chambliss recognizes that credit unions face uncertainty with the quickly changing landscape both for how you operate, how you respond to members, and how you deal with regulators. Our team can help you understand the fast paced changes coming from the government, and help your credit union find the best way to serve and protect your members. Should your credit union have questions or need assistance understanding these many changes, please reach out to Steve Barham, Jeffrey Maddux, or your Chambliss relationship attorney for assistance.
Visit our COVID-19 Insight Center for our latest legislative and legal updates, articles, and resources.
The material in this publication was created as of the date set forth above and is based on laws, court decisions, administrative rulings, and congressional materials that existed at that time, and should not be construed as legal advice or legal opinions on specific facts. In some cases, the underlying legal information is changing quickly in light of the COVID-19 pandemic. The information in this publication is not intended to create, and the transmission and receipt of it does not constitute, a lawyer-client relationship. Please contact your legal counsel for advice regarding specific situations.