Preguntas frecuentes para cooperativas de ahorro y crédito con seguro federal

Operaciones de las cooperativas de ahorro y crédito

May a federal credit union restrict access to or close its facilities? Are there guidelines for operating or reopening facilities during the pandemic?

Sí. Una cooperativa de ahorro y crédito federal podrá tomar medidas razonables para proteger la salud y la seguridad de su personal y de los socios. Las cooperativas de ahorro y crédito que tomen estas medidas, sin embargo, deben aplicar la política de forma coherente. Generally, federal credit unions should follow the direction of any federal, state, or local authorities with respect to social distancing or related measures. The NCUA encourages credit unions to consult the Center for Disease Control and Prevention’s (CDC’s) guidelines when considering extra health and safety precautions or procedures (for example, social distancing, gloves, face masks, sneeze guards, cleaning, etc.).

No federal law or regulation requires federal credit unions to be open certain hours or days or prevents a federal credit union from closing its offices. Las cooperativas de ahorro y crédito tienen la flexibilidad de tomar decisiones razonables y de buena fe de cerrar sucursales y ofrecer servicios a los socios por medio de otros canales, como el teléfono, cajeros automáticos o a través de plataformas en línea y móviles. Esto puede implicar situaciones en las que la notificación anticipada no sea posible, porque el cierre deba realizarse rápidamente. La mesa directiva de la cooperativa de ahorro y crédito puede ratificar la decisión de cerrar las sucursales por email o en la próxima reunión de la mesa directiva.

The CDC posts and updates guidance for businesses and employers, including those seeking to resume normal or phased business operations. The CDC also has a page dedicated to businesses and workplaces, including a decision tool to assist in your decisions about partial or full reopening of operations (Inglés). In addition, the Financial Services Sector Coordinating Council provided a guide for U.S. financial services firms to assist in determining how to safely return workers to offices and other facilities.

Providing regularly updated information about the operating status of the credit union, branch offices, remote access facilities, and mobile and online services as pandemic conditions evolve could be helpful to members. Posting this information on the credit union's website, providing recorded information on its customer support lines, and pushing notifications out to members that have signed up for alerts are just some of the ways credit unions can help members.

Las cooperativas de ahorro y crédito no están obligadas a notificar a la NCUA del cierre de sucursales, a menos que se produzca una interrupción de los servicios básicos para los socios que supere los dos días, en cuyo caso, las cooperativas de ahorro y crédito tienen cinco días para notificar a su director regional, de conformidad con lo dispuesto en la Sección 12, inciso 748.1(b) del Código de Reglamentos Federales (C.F.R.). Las  cooperativas de ahorro y crédito autorizadas por el estado y con seguro federal pueden estar sujetas a distintos requisitos conforme la ley o regulación estatal.

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¿Qué flexibilidades existen para las cooperativas de ahorro y crédito federales en la planificación de reuniones anuales?

Based on President Trump's March 13, 2020 national emergency proclamation, the NCUA authorized a federal credit union to adopt, by a two-thirds vote of its board of directors, a bylaw amendment to Article IV without undergoing further bylaw approval processes with the NCUA. Las cooperativas de ahorro y crédito federales que decidan adoptar esta enmienda deben asegurarse de que las citaciones cruzadas sean compatibles con su versión del estatuto. Consulte la  Carta a cooperativas de ahorro y crédito federales 20-FCU-02 - Medidas de la NCUA acerca de la COVID-19 - Flexibilidad para la reunión anual for details. The NCUA further notified federal credit unions that they may invoke the provisions of such a bylaw amendment at any point during the year 2020 for meetings occurring in 2020, if a majority of the board of directors so resolves for each meeting.

A federal credit union also has flexibility to postpone its annual meeting. While there is no law or regulation that prohibits a federal credit union from postponing its annual meeting, it should provide notice of the rescheduled meeting as required in the Federal Credit Union Bylaws. Dadas las circunstancias actuales, una cooperativa de ahorro y crédito federal podría considerar retrasar su reunión anual. Por ejemplo, una cooperativa de ahorro y crédito federal podría retrasar su reunión anual de 2020 hasta diciembre de 2020 y, no obstante, cumplir con el requisito de la reunión anual.

Article IV, § 2 of the FCU Bylaws provides that notices for meetings may be sent by electronic mail to members who have opted to receive statements and notices electronically. So, a paper mailing is not required for all members, only those members who have not opted in to receive electronic statements and notices.

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Si una cooperativa de ahorro y crédito federal retrasa su reunión y elección anual, ¿qué sucede con su mesa directiva? 

En virtud de los estatutos de las cooperativas de ahorro y crédito federales, la duración en el cargo de un director continúa hasta "la elección y designación de sus sucesores". En concordancia con esto, si una cooperativa de ahorro y crédito federal retrasa su reunión anual, los directores actuales continúan en sus cargos hasta que la cooperativa de ahorro y crédito federal celebre una reunión y elección. Si existe una vacante en la mesa directiva, la cooperativa de ahorro y crédito federal puede ocuparla mediante un voto mayoritario de los directores restantes. Los directores designados para este fin, no obstante, conservan su mandato solo hasta la próxima reunión.

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¿Qué flexibilidades existen para las reuniones mensuales de la mesa directiva de una cooperativa de ahorro y crédito federal?

La Ley de Cooperativas Federales de Ahorro y Crédito establece que las mesas directivas de las cooperativas de ahorro y crédito federales deben reunirse mensualmente.1 Los estatutos de las cooperativas de ahorro y crédito federales requieren solo una reunión en persona de la mesa directiva por año. El resto de las reuniones se podrán realizar por video o teleconferencia. La única reunión en persona requiere la presencia real solo de un quorum de directores, no de cada director. Los directores ausentes pueden participar por video o teleconferencia.2

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¿Se extenderá la fecha límite para actualizar el Registro de CUSO?

Yes, the deadline to register for the CUSO Registry is extended to May 26, 2020. Las CUSO que no se registraron ni actualizaron su registro recibieron un email automático de   noreply@ncua.gov en el que se notifica la extensión. Credit unions and CUSOs with questions may contact CUSORegistry@ncua.gov.

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¿Se cuenta con pautas sobre las limitaciones de los planes de trabajo del Comité Supervisor durante la pandemia por COVID-19? ¿Mantener a los integrantes del comité alejados de la oficina de una cooperativa de ahorro y crédito durante este período causará problemas posteriores con los evaluadores? 

Una cooperativa de ahorro y crédito podrá tomar las medidas razonables para proteger la salud y la seguridad de su personal y de los socios.  Las cooperativas de ahorro y crédito deben cumplir instrucciones de las autoridades federales, estatales o locales con respecto al distanciamiento social o las medidas relacionadas.

Los Comités de Supervisión en las cooperativas de ahorro y crédito federales deben trabajar con la gerencia de la cooperativa de ahorro y crédito para desarrollar opciones, que incluyen el uso de un entorno virtual, la permanencia en la oficina cumpliendo las pautas de distanciamiento social a nivel federal, estatal o local o medidas relacionadas, o el aplazamiento del trabajo, según sea necesario. Los evaluadores serán flexibles y razonables con las cooperativas de ahorro y crédito en las que no se finalizaron los planes de trabajo. Si tiene alguna pregunta, comuníquese con su examinador o con la oficina regional. Para cooperativas de ahorro y crédito autorizadas por el estado, comuníquese con la autoridad de supervisión de su estado.

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¿Las cooperativas de ahorro y crédito y sus empleados se consideran parte de la "fuerza laboral de infraestructura crítica"? ¿La NCUA tiene pautas acerca de quiénes deben estar en la oficina, quiénes deben trabajar de manera remota o no es necesario que trabajen durante esta pandemia?

La  Carta para cooperativas de ahorro y crédito 20-CU-03 - Identificación de trabajadores esenciales de infraestructura crítica durante la COVID-19 puede ayudar a las cooperativas de ahorro y crédito y sus socios de la industria a identificar sectores y trabajadores esenciales de infraestructura crítica, los que son necesarios para mantener los servicios y funciones de los que dependen los estadounidenses a diario para apoyar a la resiliencia de los sectores de infraestructura crítica durante la respuesta a la pandemia de la COVID-19.

La carta de la NCUA hace referencia a la orientación del Departamento de Seguridad Nacional de EE. UU. sobre  la definición de trabajadores esenciales de infraestructura crítica (Inglés). La capacidad de dichos trabajadores de continuar trabajando durante períodos de restricciones comunitarias, gestión de accesos, distanciamiento social u órdenes/directivas de cierre es crucial para la resiliencia de la comunidad y la continuidad de las funciones esenciales.

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¿Cómo puedo informar si una sucursal de cooperativa de ahorro y crédito ha suspendido todas las operaciones?

La pestaña SITIOS del perfil en  CUOnline  tiene un indicador del estado operativo por nivel de sitio. Las cooperativas de ahorro y crédito deben informar el estado operativo de un sitio como “Normal” si ofrecen cualquier tipo de servicio a los socios, incluido el servicio en línea, telefónico o desde el auto.  Solo debe informar un sitio como "Suspendido - Emergencia" si todas las operaciones han cesado en el sitio y no hay otros medios de prestar servicios a los socios en el sitio.

Se brinda información detallada con la descripción del proceso de presentación, incluidas fechas límites de presentación, formularios de Informes Financieros, y una  Guía del usuario (Inglés) en el  sitio web CUOnline de NCUA.gov. Contáctese con el examinador de distrito, la oficina regional o la entidad reguladora estatal para hacer preguntas relacionadas con el Informe financiero.

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Does the six transfer limit required by Regulation D – Reserve Requirements of Depository Institutions (12 CFR Part 204) still apply?

The Federal Reserve Board announced an interim final rule on April 24, 2020 to amend Regulation D by removing the limit on convenient transfers from the “savings deposit” definition. The previous limit was six transfers per month. For credit unions, a "savings deposit" means a regular share account. NCUA’s Regulatory Alert 20-RA-02 – Federal Reserve Board Issues Rule Allowing Credit Unions to Remove the Monthly Limit on Savings Withdrawals provides details on this change.

The interim final rule permits credit unions to suspend the enforcement of the six transfer limit and begin allowing members to make an unlimited number of convenient transfers and withdrawals from their regular share accounts. However, credit unions should be aware of the impact of this interim final rule on account agreements and related matters. The Federal Reserve Board has provided some frequently asked questions and answers, which will be updated as needed. 

There are no mandatory changes to deposit reporting associated with the amendments. Credit unions should be aware of the impact of this interim final rule on account agreements and related matters. Credit unions can use their discretion on whether to classify an account as a transaction account or savings deposit account and report them on the quarterly Call Report accordingly. Consulte la  Call Report instructions and the Federal Reserve Board’s current FAQs #4, #5, and #9 si desea obtener más información.

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What guidance is there to help mortgage servicers work with struggling consumers affected by the COVID-19 pandemic?

The federal financial institutions regulatory agencies and the state financial regulators issued a joint policy statement on April 3, 2020, providing regulatory flexibility and guidance to assist mortgage servicers, including credit unions. The policy statement clarifies that the regulatory agencies do not intend to take supervisory or enforcement action against mortgage servicers for delays in sending certain early intervention and loss mitigation notices, or for taking certain actions relating to loss mitigation set out in the mortgage servicing rules, as long as servicers are making good faith efforts to provide these notices and take these actions within a reasonable time.

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Are credit unions allowed to cash checks for non-members?

Yes. Section 701.30 of the NCUA's regulations provides authority for federal credit unions to cash checks and money orders to persons within their field of membership regardless of membership status. Federal credit unions may charge a fee for these services.

State-chartered credit unions should consult with their state supervisory authority.

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Can a credit union offer loan extensions on payday alternative loans (PALs)?

The PALs rules outlined in the NCUA’s Rules and Regulations Parts 701.21 (c)(7)(iii) and 701.21(c)(7)(iv) permit an extension up to the maximum maturity limit (six months for a PALs I, and 12 months for a PALs II), as long as the loan is extended, and not rolled over. For example, a credit union can extend a PALs I that is two months into its term up to an additional four months as long as the total length of the loan does not exceed six months. Credit unions cannot extend any additional funds or charge any fees for the extension.

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Can a borrower pay off a payday alternative loan (PAL) I with a new PAL II?

No. The NCUA’s PAL regulations expressly prohibit rolling a PAL over, which includes paying off a PAL with another PAL.

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If a credit union provides a low-interest installment loan to allow a borrower to defer a mortgage payment, and the loan is secured by the property, does the installment loan fall under RESPA guidelines?

Generally, these loans are subject to RESPA. However, without knowing more about the loan, we don't know whether an exemption or partial exemption for certain mortgage loans applies. Credit unions should review 12 CFR § 1024.5(b) y 12 CFR § 1024.5(d) to determine whether an exemption or partial exemption for certain mortgage loans would apply.

Such loans are also generally subject to the Truth in Lending Act, as implemented by Regulation Z, 12 CFR Parte 1026. Credit unions should consult with a compliance expert to determine the exact circumstances of each loan.

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Is a credit union allowed to offer a small dollar loan special for only those members who are not working as a result of the COVID-19 pandemic?

The answer depends on a number of facts. If the planned loan program treats applicants or prospective applicants differently on a prohibited basis, it is likely impermissible. Prohibited basis means race, color, religion, national origin, sex, marital status, or age (provided that the applicant has the capacity to enter into a binding contract); the fact that all or part of the applicant's income derives from any public assistance program; or the fact that the applicant has in good faith exercised any right under the Ley de Protección de Crédito al Consumidor.

Even if there is no difference in treatment, if the planned loan program disproportionately excludes or burdens applicants or prospective applicants on a prohibited basis, it may also be impermissible. For more information about disparate impact, please contact our Office of Consumer Financial Protection at 703.518.1140 or ComplianceMail@ncua.gov.

The federal financial institution regulatory agencies issued principles for offering small-dollar loans in a responsible manner on May 20, 2020.

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Does a credit union have the flexibility to extend the 45-day charge-off of courtesy pay negative balances?

Letter to Credit Unions 05-CU-03 – Overdraft Protection (Bounce Protection) Programs provides that a credit union should generally charge off overdraft balances when it considers them uncollectible and should do so no later than 60 days from the date the member overdrew the account. The charge-off should occur when the debt appears uncollectible, even if this is before the 60 days has lapsed.

Federal credit unions have the flexibility to convert the negative balance into a loan in accordance with Section 701.21 of the NCUA’s Rules and Regulations. This regulation currently requires that federal credit unions have policies in place to require the member to cover the overdraft or obtain an approved loan from the credit union within a maximum of 45 days. However, the NCUA will not criticize federal credit unions if they exceed the 45 days while acting in good faith to address member needs. Credit unions are encouraged to work constructively with members affected by the COVID-19 pandemic. This may include waiving overdraft fees and loan application fees, or lowering interest rates. State-chartered credit unions should comply with state law and contact their state supervisory authority with any questions.

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What should a credit union do if we receive an economic impact payment/stimulus check for a closed account or a deceased member?

Credit unions should follow the U.S. Department of the Treasury, Bureau of the Fiscal Service, Green Book rules for processing economic impact payments, commonly referred to as stimulus checks. In short, this means:

In addition, NACHA developed a list of pandemic-related frequently asked questions (Inglés) to assist financial institutions, including credit unions, on stimulus payments.

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Can economic impact payment/stimulus check funds cover delinquent loans and/or NSF fees?

NACHA developed a list of pandemic-related frequently asked questions (Inglés) to assist financial institutions, including credit unions, which receive stimulus payments. While a federal credit union might be able to use a stimulus payment to cover NSF fees incurred by a member, we recommend you consult legal counsel before using these payments to cover any type of member debt.

All credit unions are encouraged to work with members who are negatively impacted by the COVID-19 pandemic. In addition, credit unions should consider the potential for negative publicity and increased reputation risk by electing to use stimulus payments for this purpose.

State chartered credit unions must comply with state law and consult their state supervisory authority with any questions.

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Should credit unions adjust their allowance for loan and lease loss (ALLL) methodology to account for loans modified under the CARES Act or the April 7, 2020 Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus?

It depends. Determining an appropriate allowance for loan and lease loss (ALLL) account balance involves a high degree of management judgment. Credit unions should continue to maintain an appropriate ALLL account in accordance with ASC Subtopic 450-20 (loss contingencies) or ASC Subtopic 310-10 (loan impairment). Because the ALLL is an estimate designed to cover potential losses based on historical losses that have not yet occurred, each credit union must evaluate modified loans for collectability based on facts and circumstances as of the evaluation date.

Credit union management may consider adjusting their ALLL by incorporating qualitative and environmental (Q&E) factors for the ALLL. Options to adjust Q&E factors could include using proxy data of other credit unions that suffered economic downturns during prior natural disasters such as Hurricane Katrina, or local unemployment rates. As always, management should fully support their ALLL methodology with appropriate documentation.

Loans modified under the CARES Act and the April 7, 2020 Interagency Statement are generally not considered troubled debt restructurings (TDRs), meaning they would not be evaluated for individual impairment. In some circumstances, it may be appropriate for a credit union to pool loans modified under the CARES Act that share risk characteristics for allowance estimates. Alternatively, it may be appropriate to include the modified loans in the same pools they were reflected before being modified.

The flowchart below provides a visual representation of the evaluation process. Credit unions should also consult with their CPA for guidance and assistance regarding appropriate TDR identification and ALLL funding.

This graphic describes how Section 4013 of the CARES Act y la April 7, 2020 Revised Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Interagency Statement) affect troubled debt restructuring (TDR) classifications and reserve expectations, in flow-chart format. This graphic is an example to help illustrate key concepts. Reserve decisions will depend on specific facts and circumstances. If you have questions about this material, consult with your CPA.

The first determination addresses whether the modification meets Section 4013 CARES Act criteria. The CARES Act criteria has three elements:

  1. The loan modification was made as a result of COVID-19;

  2. The loan modification was made between March 1, 2020 and the earlier of December 31, 2020 or the 60th day after the end of the COVID-19 national emergency declared by the President; and

  3. The borrower was not more than 30 days past due on contractual payments as of December 31, 2019.

If a loan modification satisfies these criteria, the loan modification is generally not considered a troubled debt restructuring, or TDR. These loan modifications would be reserved under ASC Subtopic 450-20 (pooling) or ASB Subtopic 310-10 (individually).

If a loan modification does not meet all three of the CARES Act criteria or the credit union elects not to apply Section 4013, the next determination addresses whether the modification meets the criteria outlined in the Interagency Statement. The Interagency Statement criteria has three elements:

  1. The loan modification was made in response to COVID-19;

  2. The borrower was current (less than 30 days past due) on contractual payments when the modification program was implemented; and

  3. The loan modification is short-term (e.g. six months).

If a loan modification satisfies these criteria, the loan modification is generally not considered a troubled debt restructuring, or TDR. These loan modifications would be reserved under ASC Subtopic 450-20 (pooling) or ASB Subtopic 310-10 (individually).

If, however, a loan modification does not satisfy the criteria of the CARES Act or the Interagency Statement, refer to ASC Subtopic 310-40 to make a determination regarding whether the modification should be considered a TDR. The two criteria under ASC Subtopic 310-40 that apply here are:

  1. The debtor is experiencing financial difficulties; and

  2. The creditor, for economic or legal reasons related to the debtor's financial difficulties, grants a concession to the debtor that it would not otherwise consider.

If the modification is a TDR, measure impairment under ASC Subtopic 310-40 (individually). If the modification is not a TDR, the modification should be reserved under ASC Subtopic 450-20 (pooling) or 310-10 (individually).

 
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If a loan modification is considered a troubled debt restructuring (TDR), should a credit union remove it from allowance for loan and lease loss (ALLL) pooling and evaluate it individually?

Yes, generally accepted accounting principles (GAAP) stipulates that financial institutions should remove troubled debt restructuring (TDR)s from the original allowance for loan and lease loss (ALLL) homogeneous pool they were in and measure them for impairment individually per ASC 310-40. Under ASC 310-40, when a loan is classified as a TDR, a credit union will measure impairment based on one of two methods:

  • the present value of expected future cash flows discounted at the loan's effective interest rate; or
  • the fair value of the collateral less costs to sell (appropriate for collateral dependent loans when repayment is expected solely by sale of the underlying collateral).

The flowchart below provides a visual representation of the evaluation process. Credit unions should also consult with their CPA for guidance and assistance regarding appropriate TDR identification and ALLL funding.

This graphic describes how Section 4013 of the CARES Act y la April 7, 2020 Revised Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Interagency Statement) affect troubled debt restructuring (TDR) classifications and reserve expectations, in flow-chart format. This graphic is an example to help illustrate key concepts. Reserve decisions will depend on specific facts and circumstances. If you have questions about this material, consult with your CPA.

The first determination addresses whether the modification meets Section 4013 CARES Act criteria. The CARES Act criteria has three elements:

  1. The loan modification was made as a result of COVID-19;

  2. The loan modification was made between March 1, 2020 and the earlier of December 31, 2020 or the 60th day after the end of the COVID-19 national emergency declared by the President; and

  3. The borrower was not more than 30 days past due on contractual payments as of December 31, 2019.

If a loan modification satisfies these criteria, the loan modification is generally not considered a troubled debt restructuring, or TDR. These loan modifications would be reserved under ASC Subtopic 450-20 (pooling) or ASB Subtopic 310-10 (individually).

If a loan modification does not meet all three of the CARES Act criteria or the credit union elects not to apply Section 4013, the next determination addresses whether the modification meets the criteria outlined in the Interagency Statement. The Interagency Statement criteria has three elements:

  1. The loan modification was made in response to COVID-19;

  2. The borrower was current (less than 30 days past due) on contractual payments when the modification program was implemented; and

  3. The loan modification is short-term (e.g. six months).

If a loan modification satisfies these criteria, the loan modification is generally not considered a troubled debt restructuring, or TDR. These loan modifications would be reserved under ASC Subtopic 450-20 (pooling) or ASB Subtopic 310-10 (individually).

If, however, a loan modification does not satisfy the criteria of the CARES Act or the Interagency Statement, refer to ASC Subtopic 310-40 to make a determination regarding whether the modification should be considered a TDR. The two criteria under ASC Subtopic 310-40 that apply here are:

  1. The debtor is experiencing financial difficulties; and

  2. The creditor, for economic or legal reasons related to the debtor's financial difficulties, grants a concession to the debtor that it would not otherwise consider.

If the modification is a TDR, measure impairment under ASC Subtopic 310-40 (individually). If the modification is not a TDR, the modification should be reserved under ASC Subtopic 450-20 (pooling) or 310-10 (individually).

 
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Due to the COVID-19 pandemic, our credit union deferred the repossession of vehicles for 90 days. Should the credit union account for the repossessed vehicle now or wait until the vehicle is repossessed to fund the allowance for loan and lease loss (ALLL) account?

The decision to defer repossessions is a business decision for a credit union. For accounting purposes, the allowance for loan and lease loss (ALLL) should already reflect what the credit union expects to charge-off on the loan (net the amount you expect to recover by selling the vehicle).

After repossessing a vehicle, a credit union may have a better estimate of auction or sale proceeds. At that time, the difference between the estimated proceeds and the loan balance are charged-off and the remaining loan balance is transferred from a loan account to collateral in process of liquidation account. Credit unions should also consult with their CPA for guidance and assistance regarding accounting for collateral in process of liquidation and appropriate ALLL funding.

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Due to the COVID-19 pandemic, our credit union granted a substantial number of extensions for consumer loans. Some members informed the credit union they are unemployed. As a credit union, we anticipate elevated delinquency and loan losses related to unemployment. Is it permissible to increase the allowance for loan and lease loss (ALLL) now?

Yes, credit unions can use qualitative and environmental (Q&E) factors to adjust historical loss factors to reflect changes in risk exposure (for example, an increase in the unemployment rate or a natural disaster). Q&E factors can include all known relevant internal and external factors that may affect loan collectability, as well as the particular risks inherent in different kinds of lending.

Credit unions can tie a Q&E factor directly to the local unemployment rate to reflect changes in the related risk exposure. Another example of how to estimate Q&E factors is the use of proxy data from other credit unions or community banks impacted by previous economic downturns or disasters. A credit union could estimate a Q&E factor using net charge-offs from Call Reports during a specific time period to extrapolate a basis point adjustment for its own loan portfolio.

Regardless of the Q&E factors used, credit unions must document sufficient and objective evidence to support the amount of an adjustment and explain why it was necessary to reflect current information, events, circumstances, and conditions in the loss measurements. Credit unions should also consult with their CPA for guidance and assistance regarding appropriate ALLL funding.

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Will the NCUA provide additional guidance related to funding the allowance for loan and lease loss (ALLL) account during the COVID-19 pandemic?

The NCUA will continue to evaluate opportunities to provide additional guidance and information on how credit unions can work with borrowers, and the related accounting implications of doing so, throughout the COVID-19 pandemic. It is important to note that the NCUA cannot provide prescriptive calculations for credit unions, because the allowance for loan and lease loss (ALLL) is based on a management's best estimate, which considers a credit union's individual facts and circumstances. Credit unions should also consult with their CPA for guidance and assistance regarding appropriate ALLL funding.

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Are loan modifications under the CARES Act or April 7, 2020 Revised Interagency Statement considered TDRs?

The flowchart below provides a visual representation of the evaluation process for loan modifications under the CARES Act or the April 7, 2020 Revised Interagency Statement. Credit unions should also consult with their CPA for guidance and assistance regarding appropriate TDR identification and ALLL funding.

This graphic describes how Section 4013 of the CARES Act y la April 7, 2020 Revised Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Interagency Statement) affect troubled debt restructuring (TDR) classifications and reserve expectations, in flow-chart format. This graphic is an example to help illustrate key concepts. Reserve decisions will depend on specific facts and circumstances. If you have questions about this material, consult with your CPA.

The first determination addresses whether the modification meets Section 4013 CARES Act criteria. The CARES Act criteria has three elements:

  1. The loan modification was made as a result of COVID-19;

  2. The loan modification was made between March 1, 2020 and the earlier of December 31, 2020 or the 60th day after the end of the COVID-19 national emergency declared by the President; and

  3. The borrower was not more than 30 days past due on contractual payments as of December 31, 2019.

If a loan modification satisfies these criteria, the loan modification is generally not considered a troubled debt restructuring, or TDR. These loan modifications would be reserved under ASC Subtopic 450-20 (pooling) or ASB Subtopic 310-10 (individually).

If a loan modification does not meet all three of the CARES Act criteria or the credit union elects not to apply Section 4013, the next determination addresses whether the modification meets the criteria outlined in the Interagency Statement. The Interagency Statement criteria has three elements:

  1. The loan modification was made in response to COVID-19;

  2. The borrower was current (less than 30 days past due) on contractual payments when the modification program was implemented; and

  3. The loan modification is short-term (e.g. six months).

If a loan modification satisfies these criteria, the loan modification is generally not considered a troubled debt restructuring, or TDR. These loan modifications would be reserved under ASC Subtopic 450-20 (pooling) or ASB Subtopic 310-10 (individually).

If, however, a loan modification does not satisfy the criteria of the CARES Act or the Interagency Statement, refer to ASC Subtopic 310-40 to make a determination regarding whether the modification should be considered a TDR. The two criteria under ASC Subtopic 310-40 that apply here are:

  1. The debtor is experiencing financial difficulties; and

  2. The creditor, for economic or legal reasons related to the debtor's financial difficulties, grants a concession to the debtor that it would not otherwise consider.

If the modification is a TDR, measure impairment under ASC Subtopic 310-40 (individually). If the modification is not a TDR, the modification should be reserved under ASC Subtopic 450-20 (pooling) or 310-10 (individually).

 
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Are credit unions allowed to use eSignature tools to digitally serve members in the COVID-19 pandemic?

Yes, eSignature tools are federal and state recognized tools to allow members to digitally sign for many electronic transactions, such as certain loan documents or membership account agreements. El Electronic Signatures in Global and National Commerce (E-SIGN) Act was enacted in 2000 and provides a general rule of validity regarding electronic records and signatures for transactions in or affecting interstate or foreign commerce. The NCUA provided a Regulatory Alert on the E-SIGN Act in March of 2001. In addition to this federal law, each state may have their own laws governing electronic signatures. A credit union should review all applicable federal and state laws before implementing eSignature tools and services.

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Fusiones

During the COVID-19 pandemic, can a federal credit union post member meeting notices exclusively by electronic means rather than use hard copy notices?

Hard copy, or paper, notices are not required for all credit union members, only for those members who have not opted in to electronic statements and notices. The Federal Credit Union Bylaws permit much of the flexibility for sending out notices during the coronavirus pandemic. Article IV Section 2 of the Bylaws provides that meeting notices may be sent by electronic mail to members who have opted to receive statements and notices electronically.

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What options does a merging credit union have for a merger membership vote during the COVID-19 pandemic?

There are two primary options:

First, a merging credit union can postpone the meeting. A postcard notice (or email for those members who have opted in to e-statements and other communications) is acceptable. The merging credit union can notify the members when it knows the date of the rescheduled meeting, but the notification must occur at least seven days in advance. The merging credit union does not have to send the entire package again to the NCUA's regional office.

Second, the merging credit union can hold a virtual meeting. The agency has provided an emergency bylaw amendment for federal credit unions. Refer to Carta a cooperativas de ahorro y crédito 20-FCU-02 - Medidas de la NCUA acerca del COVID-19 - Flexibilidad para la reunión anual.

The letter states a federal credit union may adopt a standard bylaw amendment for an emergency exception to in-person quorum requirements. The letter applies to all meetings, not just annual meetings, with the exception of member expulsion meetings. The letter states general quorum requirements must still be met for virtual meetings.

Under 12 C.F.R. § 708b.106(b), the merging credit union must hold an in-person membership vote meeting. If a credit union chooses to hold this meeting virtually under the approved emergency bylaw amendment, the credit union must have "the technological capacity to facilitate virtual meeting attendance, voting, and participation." Accordingly, the credit union must provide some mechanism so that a member attending the virtual meeting can vote during the meeting, such as voice votes, text-to-vote, or chat room message options.

In addition, electronic voting is an option under the standard federal credit union bylaws. However, federal credit unions cannot make electronic voting the only option for members, because some members may not have opted into electronic notices and may not have access to an electronic device to vote. The mechanisms for voting will depend on which option the federal credit union has selected in its bylaws, but all of those options require a non-electronic way to access voting.

State-chartered, federally insured credit unions may have different requirements under their laws. These credit unions should check with their respective NCUA regional offices and their state supervisory authorities on handling these issues.

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Will NCUA accept electronically signed merger forms?

Yes, the NCUA will accept electronically signed forms to meet the requirements under 12 C.F.R. § 708b, as permitted under the Electronic Signatures in Global and National Commerce (E-Sign) Act.

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Can a credit union submit a non-notarized signed merger agreement (NCUA 6304) during the COVID-19 pandemic?

The NCUA understands that some credit unions may not have the capability to sign up for certain electronic services. The agency's regional offices will consider these difficulties on a case-by-case basis, provided the credit union provides sufficient evidence. If the regional office finds that signing and providing the required documents under 12 C.F.R. § 708b poses a hardship for the credit union, staff will consider alternative ways the credit union can submit documentation.

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Will the NCUA consider alternatives if a credit union lacks the resources to sign up for electronic signature services, scan, or fax a document?

The NCUA notes that obtaining e-signatures and access to notarization services will not be difficult for most credit unions, even with social distancing and stay-at-home orders. Readily available commercial platforms provide electronic signatures that meet the requirements of the Electronic Signatures in Global and National Commerce (E-Sign) Act. These platforms also operate on smart phones.

Similarly, remote online notarization services are available in many states. At least 14 states permitted remote online notarization before the pandemic, generally requiring the use of a dedicated remote online notarization software platform.4 Another 12 states have established rules to temporarily allow for remote online notarization during the crisis.5 For more details on required procedures, see the list compiled by the National Notary Association.

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Evaluación y supervisión

¿Qué impacto está teniendo la COVID-19 en el programa de evaluación y supervisión de la NCUA?

Effective March 16, 2020, the NCUA implemented a policy requiring all examination-related staff to perform their work offsite, a posture that was extended until further notice. Esta política se volverá a analizar al menos cada dos semanas y está sujeta a cambio. Toda excepción debe ser aprobada por la Oficina del director ejecutivo. Por lo general, el personal no deberá programar ninguna tarea de examen in situ hasta nuevo aviso. No obstante, la NCUA puede realizar una tarea in situ en una cooperativa de ahorro y crédito si fuera necesario resolver una circunstancia urgente.3

Nuestros evaluadores aprovecharán la tecnología para intercambiar información de forma segura, y usarán las capacidades de teleconferencia y videoconferencia para interactuar con la administración de las cooperativas de ahorro y crédito.

El 30 de marzo de 2020 la NCUA publicó la  Carta para cooperativas de ahorro y crédito 20-CU-05 - Enfoque de evaluación y supervisión externa  para proporcionar pautas a las cooperativas de ahorro y crédito acerca de su programa de evaluación y supervisión durante la pandemia de COVID-19. La carta hace hincapié en la comunicación abierta entre los evaluadores y las cooperativas de ahorro y crédito. También informa que la agencia reconoce que es posible que las cooperativas de ahorro y crédito necesiten tiempo adicional para corregir conclusiones de evaluaciones pendientes. En esos casos, la NCUA será flexible y razonable al trabajar con las cooperativas de ahorro y crédito en acciones correctivas (incluidos Documentos de resoluciones, Cartas de consentimiento y Cartas de advertencias preliminares). In addition, the following guidance is available to credit unions related to examination and supervision during the COVID-19 pandemic:

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¿Qué tecnología pueden utilizar las cooperativas de ahorro y crédito para intercambiar documentos de evaluación con sus evaluadores?

Los evaluadores y las cooperativas de ahorro y crédito pueden intercambiar información de manera sencilla y segura por medio del Portal seguro de transferencia de archivos (SFTP) de la NCUA, el que ofrece un espacio de trabajo seguro en el que el personal y los socios de la NCUA pueden compartir archivos grandes o confidenciales. Existe una guía para cooperativas de ahorro y crédito  acerca de cómo usar el portal SFTP  que está disponible en línea y ofrece indicaciones acerca de cómo acceder y usar el portal. Y si bien el portal SFTP es el método preferido para el intercambio de información; se pueden usar otros métodos seguros para compartir documentos de evaluación.

Por ejemplo, los evaluadores de la NCUA pueden iniciar un intercambio de email encriptado por medio del portal Zix (Zixit). Los destinatarios sin Zixit recibirán una notificación por email y a quienes lo utilicen por primera vez se les solicitará que registren una cuenta para recibir el mensaje de email seguro. Al iniciar sesión, quienes vuelvan a utilizarlo deberán ingresar su contraseña para recibir un mensaje de email seguro. Para responder de manera segura, los destinatarios deberán hacerlo por medio del enlace que figura en el mensaje de email encriptado original. Al crear archivos comprimidos protegidos por contraseña, se deben utilizar contraseñas seguras. Los evaluadores de la NCUA también deben utilizar contraseñas seguras que cumplan con los requisitos actuales de la agencia.

Además, se permiten los portales de transferencia de archivos para cooperativas de ahorro y crédito en ciertas condiciones. Los evaluadores de la NCUA pueden usar el portal de la cooperativa de ahorro y crédito, u otro método de transmisión electrónica no portátil, para bajar documentos electrónicos que contengan información personal (PII). El personal de la NCUA no usará el método de una cooperativa de ahorro y crédito o de terceros para subir o transferir cualquier documento electrónico (que contenga información personal o no) a la cooperativa de ahorro y crédito o a terceros.

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La carta de la NCUA para cooperativas de ahorro y crédito 20-CU-05 menciona que el alcance de los evaluadores tendrá lugar entre el 30 de marzo y el 10 de abril y servirá como base para monitorear la situación de cada una de las cooperativas de ahorro y crédito. ¿Cómo funcionará este proceso?

Según lo que se indica en la  Carta de la NCUA para cooperativas de ahorro y crédito 20-CU-05, los evaluadores contactarán a cada cooperativa de ahorro y crédito federal de forma periódica para discutir su situación operativa y financiera, incluso acerca de su necesidad de asistencia debido a la pandemia de la COVID-19 o cualquier otro inconveniente relacionado. Para las cooperativas de ahorro y crédito autorizadas por el estado, la NCUA trabajará con la autoridad de supervisión del estado correspondiente para realizar estas evaluaciones. Siguiendo un proceso que consista en realizar un conjunto de preguntas específicas, los evaluadores capturarán detalles clave sobre cómo se ve afectada la cooperativa de ahorro y crédito por la COVID-19; consecuentemente, y en función de esa información, la NCUA dirigirá sus recursos y asistencia a donde más se necesite. Dado que las cooperativas de ahorro y crédito examinan los inconvenientes relacionados con la COVID-19, será de extrema importancia mantener líneas abiertas de comunicación. La información solicitada como parte de este esfuerzo de alcance comunitarios debe llevarle al personal de la cooperativa de ahorro y crédito muy poco tiempo de preparación. Antes de iniciar el contacto, los evaluadores revisarán el sitio web de su cooperativa de ahorro y crédito para recopilar la mayor cantidad de información posible sobre su estado operativo, lo que lleva a tener una conversación más productiva. Si ya se ha entregado información a su Liga, usted podrá enviarla a su evaluador. Si bien pudiera necesitarse más información, el intercambio de estos datos nos ayudará a realizar estas evaluaciones de una manera más eficiente.

El alcance inicial comenzó el día 30 de marzo y los evaluadores actualmente están en proceso de comunicarse con el personal de la cooperativa de ahorro y crédito para establecer plazos acordados en forma mutua para conversar sobre el estado de la cooperativa de ahorro y crédito y de los inconvenientes relacionados. Si usted no logra hablar con su evaluador antes del día 10 de abril, tenga a bien comunicarse con esta persona e infórmele un horario en el que usted esté disponible.

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¿Qué sucede si la COVID-19 impide a las cooperativas de ahorro y crédito presentar el informe financiero trimestral en forma oportuna?

Reconociendo que algunas cooperativas de ahorro y crédito pueden experimentar interrupciones operativas debido al impacto de la COVID-19, la NCUA se unió a otros organismos reguladores de instituciones financieras federales para emitir un comunicado de prensa reconociendo que es posible que las instituciones financieras, incluidas las cooperativas de ahorro y crédito, necesiten más tiempo para presentar su informe financiero trimestral. Se insta a las cooperativas de ahorro y crédito que no puedan cumplir con los plazos de presentación debido a estos inconvenientes a hacerlo lo antes posible e informar a la Oficina de Análisis y Seguro de la NCUA en  CallReportLateFiler@ncua.gov. La NCUA no tomará medidas contra ninguna cooperativa de ahorro y crédito por presentar el informe financiero del 31 de marzo de 2020 después de la fecha límite de presentación correspondiente, siempre que el informe se presente dentro de los 30 días de la fecha de presentación oficial del domingo 26 de abril de 2020. Las cooperativas de ahorro y crédito autorizadas por el estado deben contactarse con su respectiva autoridad de regulación estatal además de notificar a la NCUA.

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En cuanto a las auditorías de las cooperativas de ahorro y crédito que se realizaron antes de que estuviera vigente la modificación de la Parte 715 de las Normas y Regulaciones de la NCUA, ¿habrá excepciones para cooperativas de ahorro y crédito que no puedan cumplir el plazo de 120 días para presentar los informes de auditoría debido a la pandemia por COVID-19?

La Parte 715 de las Normas y Regulaciones de la NCUA fue modificada por el Directorio de la NCUA el día 19 de septiembre de 2019. La norma modificada eliminó la restricción de 120 días. Pro ello, las cooperativas de ahorro y crédito y los profesionales contables pueden acordar plazos razonables para entregar un informe de auditoría, considerando el efecto que tiene la pandemia por COVID-19, para todas las auditorías con fecha de vigencia el día 31 de diciembre de 2019 y en adelante. Los evaluadores no aceptarán excepciones para un informe de auditoría que se entregue con posterioridad a la fecha acordada en la carta de compromiso.

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¿Qué opciones están a disposición de las cooperativas de ahorro y crédito y de los auditores externos que entregan un informe de auditoría a los evaluadores?

Las cooperativas de ahorro y crédito y los auditores externos pueden entregar los informes de auditorías mediante la  cámara de compensación RIVIO, que permite a las cooperativas de crédito autorizar la divulgación de los informes de auditoría por parte de los auditores externos directamente a los evaluadores o a otros terceros. Asimismo, los auditores externos podrán utilizar el Portal seguro de transferencia de archivos para enviar el informe de auditoría. Para usar el espacio de trabajo, comuníquese con su evaluador.

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¿Se extenderá la fecha límite para que las cooperativas de ahorro y crédito presenten su plan de capital anual y/o la prueba de estrés?

Sí, la fecha límite para las cooperativas de ahorro y crédito que debían presentar el plan de capital anual y/o los resultados de la prueba de estrés antes del 31 de mayo se extenderá hasta el 31 agosto de 2020. La Oficina de Análisis y Supervisión Nacional (ONES) se comunicará individualmente con las cooperativas de ahorro y crédito que cumplan con los criterios.

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¿Las cooperativas de ahorro y crédito recibirán orientacion para trabajar con prestatarios afectados por la pandemia de COVID-19?

Sí, los organismos reguladores de instituciones financieras federales y los reguladores de bancos estatales emitieron una actualización de la  declaración interagencial on April 7, 2020 encouraging financial institutions, including credit unions, to work collaboratively with borrowers affected by COVID-19 and providing additional information regarding loan modifications and troubled debt restructurings.

La  Carta para cooperativas de ahorro y crédito 20-CU-04 - Préstamos responsables por montos pequeños en respuesta a la COVID-19 (issued on March 26, 2020) outlines an additional joint statement from the federal financial regulators and encourages credit unions to use responsible small-dollar lending to help meet the credit needs of consumers and small business members during the pandemic. The federal financial institution regulatory agencies issued principles for offering small-dollar loans in a responsible manner on May 20, 2020. Letter to Credit Unions 20-CU-15 – Principles for Making Responsible Small-Dollar Loans (issued on May 22, 2020) provides additional information on this topic.

Letter to Credit Unions 20-CU-13 – Working with Borrowers Affected by the COVID-19 Pandemic (issued on April 30, 2020) describes a variety of strategies credit unions can use to work with borrowers who experience financial hardship because of the COVID-19 pandemic.

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¿A las cooperativas de ahorro y crédito se les dará tiempo adicional para presentar los informes requeridos en virtud de la Ley de Secreto Bancario (BSA)?

La Red para el cumplimiento de la ley sobre delitos financieros (FinCEN) estableció  pautas el día 16 de marzo de 2020  que solicitan a las instituciones financieras, incluidas las cooperativas de ahorro y crédito afectadas por la pandemia por COVID-19, que se comuniquen con la FinCEN y su evaluador de la NCUA lo antes posible si una institución financiera afectada por la COVID-19 tiene una inquietud acerca de su capacidad de presentar los informes exigidos por la Ley de Secreto Bancario (BSA) de forma oportuna. La FinCEN actualizó sus  pautas el día 3 de abril de 2020 con respecto al cumplimiento de las obligaciones de la ley BSA, los requisitos de recopilación de la información de propiedad beneficiosa para clientes actuales, las obligaciones de presentación de informes por la ley BSA, y las actualizaciones de las obligaciones de presentación del informe de transacciones monetarias (CTR). FinCEN provides regular updates on BSA reporting issues and scams related to the COVID-19 pandemic on their website.

Además, la FinCEN ha desarrollado un mecanismo de contacto en línea específico sobre la COVID-19, para que las instituciones financieras comuniquen sus inquietudes relacionadas con la COVID-19 a la vez de cumplir con las obligaciones de la ley BSA. Las cooperativas de ahorro y crédito que deseen comunicar estas inquietudes deben dirigirse al  sitio web de la FinCEN, hacer clic en "Need Assistance" (Necesito asistencia) y seleccionar "COVID-19" en el listado de temas desplegable. Si bien no son obligatorias, instamos firmemente a que se efectúen las mencionadas comunicaciones relacionadas con la COVID-19. Durante todo el tiempo que se extienda la pandemia por COVID-19, la Sección de Asistencia Regulatoria de la FinCEN seguirá asistiendo a las instituciones financieras y se insta a las cooperativas de ahorro y crédito a mantener informados a FinCEN, su evaluador de la NCUA y al regulador estatal (si correspondiera) a medida que cambien sus circunstancias. FinCEN también le aconseja a las cooperativas de ahorro y crédito que se mantengan alertas ante transacciones que podrían ser de naturaleza maliciosa o fraudulenta, ya que algunos actores inescrupulosos pueden aprovechar la emergencia nacional por COVID-19 como una oportunidad para atacar a los consumidores.

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¿La Oficina para la Protección Financiera del Consumidor (CFPB) extenderá la fecha límite para presentar los informes trimestrales en virtud de la Ley de Divulgación de Hipotecas (HMDA) y la Regulación C?

Sí. El 26 de marzo, la CFPB anunció que la  Oficina no espera recibir los informes trimestrales de determinados prestamistas hipotecarios según lo requieren la HMDA y la Regulación C. Si bien se ha pospuesto la presentación de informes trimestrales, las cooperativas de ahorro y crédito deben seguir recopilando y registrando datos según la ley HMDA con anterioridad a la realización de su presentación anual.

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¿La NCUA permitirá que las cooperativas de ahorro y crédito soliciten la certificación como Institución Financiera para el Desarrollo de la Comunidad (CDFI) en 2020?

Sí, la  ronda de certificación CDFI agilizada abre el 29 de marzo de 2020 y la fecha límite para presentar una solicitud se ha extendido hasta el 31 de mayo de 2020. Las cooperativas de ahorro y crédito que obtengan la certificación CDFI pueden postularse para programas de capacitación y premios competitivos proporcionados por el Fondo de CDFI.

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If a credit union works with its borrowers by extending maturities or payments or creating balloon payments due to COVID-19, would the credit union be required to make a new flood zone determination and provide new notices of special flood hazards for the extended loan?

Under the NCUA’s regulation 12 CFR Parte 760, flood insurance requirements are generally triggered upon the making, increasing, renewing, or extending of any designated loan. If a credit union modifies a loan by extending the loan term, then this change is a triggering event, and flood insurance requirements would apply, provided no other existing exception to the requirements under the NCUA's regulation is applicable. Such requirements may include establishing escrow for flood insurance payments and fees, making a flood zone determination on the property securing the loan, or providing the notice of special flood hazards to the borrower. The federal flood statutes and the NCUA's implementing regulation do not provide for a waiver of these requirements in emergency situations.

However, consistent with the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised) (Inglés), the NCUA will take into account the unique circumstances impacting borrowers and institutions resulting from COVID-19. The NCUA expects that supervisory feedback for credit unions will be focused on identifying issues, correcting deficiencies, and ensuring appropriate remediation to consumers. The NCUA does not expect to take supervisory or enforcement action against a credit union for violating the flood insurance force placement requirements, provided that the circumstances were related to COVID-19, the credit union has made good-faith efforts to support borrowers and comply with the flood insurance requirements, and the credit union has responded to any needed corrective action.

Note: Federal credit unions must consider the maturity limits in the Federal Credit Union Act (12 USC § 1757(5)) y 12 CFR § 701.21 when they extend the term of any designated loan.

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How does FEMA Bulletin W-20002, which extends the grace period to renew National Flood Insurance Program (NFIP) policies from 30 days to 120 days due to COVID-19, affect the force placement requirement under the Flood Disaster Protection Act and the implementing regulation?

On March 29, 2020, FEMA announced in Bulletin W-20002 that the grace period to renew NFIP policies (Inglés) that expire between February 13, 2020 and June 15, 2020 (the FEMA emergency period) has been extended from 30 days to 120 days. A borrower will be covered by the NFIP policy if the flood insurance premium is paid before the 120-day grace period expires.

Under the NCUA's flood insurance regulations, a credit union must notify a borrower if a designated loan is not covered by a sufficient amount of flood insurance, and the borrower must provide evidence of sufficient coverage within 45 days after notification or the credit union must force place flood insurance. For NFIP policies that expire during the FEMA emergency period, the following guidance applies:

  • A credit union may provide the required notice to the borrower after determining the policy has expired, noting that the NFIP grace period has been extended for 120 days and that force placement will not occur until after the end of the 120-day period. Alternatively, a credit union may provide the required notice to the borrower at least 45 days before the end of the 120-day grace period.
  • The credit union must force place flood insurance on the borrower’s behalf if the borrower does not pay the premium by the end of the 120-day grace period.
  • If a credit union force places flood insurance for NFIP policies that expire during the FEMA emergency period prior to the expiration of the 120-day grace period and the borrower pays the premium by the end of the 120-day grace period, the credit union must refund the borrower for any overlapping flood insurance coverage.

The NCUA does not expect to take supervisory or enforcement action against a credit union for violating the flood insurance force placement requirements, provided that the circumstances were related to COVID-19, the credit union has made good-faith efforts to support borrowers and comply with the flood insurance requirements, and the credit union has responded to any needed corrective action. This approach is consistent with the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised) (Inglés).

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Because of the COVID-19 pandemic, NCUA examiners conducted my credit union's entire exam offsite, saving thousands of dollars in travel costs. As a result, will NCUA adjust or refund my annual operating fee for 2020?

The operating fee charged to federal credit unions (FCUs) is based upon the following:

  • The total assets reported in each credit union’s December 31 call report for the previous year;
  • The operating fee methodology and regulations previously adopted by the NCUA Board; and
  • The operating budget approved by the NCUA Board.

The fee is not directly related to the time spent on any specific examinations, nor the costs incurred by NCUA examiners executing those examinations. The actual cost of any specific examination would vary widely based on a number of factors, and there is significant work that goes into the examinations process outside of what a credit union sees in any particular exam. The NCUA does not track the cost of each individual exam. At the NCUA Board's discretion, any potential savings from one year may be applied as a reduction to future year costs.

More information about the methodology used to calculate the operating fee is available on pages 61 to 64 in the NCUA’s budget for 2020 (Inglés).

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Regulatory Relief

What types of regulatory relief are available with regards to appraisals for mortgage lending?

The NCUA Board approved an interim final rule on April 16, 2020 to temporarily defer real estate-related appraisals and evaluations. We extended this temporary relief to allow credit unions to extend financing to creditworthy households and businesses quickly in the wake of the national emergency declared in connection with the COVID-19 pandemic. The interim final rule defers the requirement to obtain an appraisal or evaluation for up to 120 days following the closing of a transaction for certain residential and commercial real estate transactions. Credit unions should continue to make best efforts to obtain a reliable valuation of real property collateral at the time of loan closing, consistent with safe and sound practices.

The federal financial regulatory agencies issued a joint statement on April 14, 2020, to address challenges relating to appraisals and evaluations for real estate-related financial transactions affected by the COVID-19 pandemic. The interagency statement outlines other flexibilities in industry appraisal standards and in the agencies' appraisal regulations and describes temporary changes to Fannie Mae and Freddie Mac appraisal standards that can help lenders during this challenging time.

In addition, the NCUA Board approved a final rule on April 16, 2020 that increases the threshold level below which appraisals would not be required for residential real estate-related transactions from $250,000 to $400,000. Consistent with the requirement for other transactions that fall below applicable appraisal thresholds, federally insured credit unions will be required to obtain written estimates of market value of the real estate collateral that are consistent with safe and sound practices instead of an appraisal.

Letter to Credit Unions 20-CU-10 – Residential Appraisals Threshold Increase and Other COVID-19 Related Relief Measures provides details on this regulatory relief.

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What types of temporary regulatory relief has the NCUA Board approved as a result of the COVID-19 pandemic?

Where possible, the NCUA is providing temporary regulatory relief to the extent allowed under the Ley de Cooperativas Federales de ahorro y crédito (Inglés), while still maintaining the safety and soundness of the credit union system. Letter to Credit Unions 20-CU-09 – Temporary Regulatory Relief in Response to the COVID-19 Pandemic provides detailed information on temporary regulatory relief efforts. The regulatory relief efforts include changes to the following regulations:

  • 701.36 Federal credit union occupancy and disposal of acquired and abandoned premises. The NCUA Board amended the timeframe for FCUs to apply for waiver of occupancy and disposal of acquired and abandoned premises. Any days that fall within the date of the temporary final rule’s publication in the Federal Register and December 31, 2020, will not be counted for purposes of determining a federal credit union’s compliance with the required time periods described § 701.36(c).
  • 701.23(b) Purchase, sale, and pledge of eligible obligations – Purchase. The NCUA Board amended this section to permit well-capitalized credit unions that have a composite rating of 1, 2, or 3 to purchase eligible obligations of nonmembers from a federally insured credit union and from a liquidating credit union. The NCUA Board also amended § 701.23 to permit a federal credit union to purchase, in whole or in part, and within the limitations of its board of directors’ written purchase policies, eligible obligations pursuant to § 701.23(b)(1)(i) or § 701.23(b)(2)(i) without regard to whether the purchasing credit union is empowered to grant such loans. Loans purchased under this authority will therefore not count against the limit in § 701.23(b)(4) of 5 percent of the unimpaired capital and surplus of the purchaser. This authority will expire on December 31, 2020, at which time any purchases made under this authority will be grandfathered. Subject to safety and soundness considerations, a federal credit union may hold any loans purchased under this temporary authority.
  • 701.22 Loan Participations. The NCUA Board amended the aggregate amount of loan participations purchased from any one originating lender, below which a waiver from the Regional Director is not required, to the greater of $5 million or 200 percent of the credit union’s net worth. This relief will remain in place until December 30, 2020. If a credit union exceeds the greater of $5 million or 100 percent of its net worth on January 1, 2021, it may not purchase additional loan participations from that originating lender until it reduces its concentration to the greater of $5 million or 100 percent of net worth or obtains a waiver from the NCUA Regional Director.

The relief measures described above apply to federally insured, state-chartered credit unions to the extent they are subject to the NCUA regulations described in this letter. State-chartered credit unions must still comply with applicable state regulations unless the state supervisory authority has provided relief.

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What types of regulatory relief are available regarding Prompt Corrective Action or Part 702 of NCUA’s regulations?

On May 21, 2020, the NCUA Board approved an interim final rule (Inglés) containing two temporary changes to the NCUA's prompt corrective action (PCA) regulations. The agency understands that some credit unions may experience a reduction in earnings and capital due to their COVID-19 response efforts (such as waived fee income, forbearance on loan payments, or an unexpected increase in expenses).

The first change amends Section 702.201 to waive the earnings retention requirement for any credit union that is "adequately capitalized." On June 5, 2020, the NCUA Board approved an administrative order reducing the amount of earnings retention required for credit unions classified as adequately capitalized to zero. Under this order, an adequately capitalized credit union that is unable to meet the earnings retention requirement will not have to submit a written application requesting approval to decrease its earnings retention amount. However, if a credit union poses an undue risk to the Share Insurance Fund or exhibits material safety and soundness concerns, the Regional Director may require the credit union to submit an earnings transfer waiver request in accordance with § 702.201(b). The NCUA will notify credit unions that will be required to submit a waiver request to the Regional Director at least 45 calendar days prior to the end of the quarter.

The second modifies § 702.206(c) with respect to net worth restoration plans. For credit unions that experience a decline in their net worth ratio predominantly due to share growth, the NCUA Board will temporarily permit a credit union to submit a streamlined NWRP plan attesting that its reduction in the net worth ratio was predominantly caused by share growth and that such share growth is a temporary condition due to COVID-19. Federally insured, state-chartered credit unions must comply with applicable state requirements when submitting NWRPs for state supervisory authority approval and the NCUA will consult with the applicable state supervisory authority when considering whether to approve a NWRP.

Letter to Credit Unions 20-CU-18 Prompt Corrective Action Regulatory Relief Measures in Response to the COVID-19 Pandemic provides important details on these temporary rule changes, including the criteria for submitting a streamlined NWRP. These temporary modifications will be in place until December 31, 2020.

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Paycheck Protection Program (PPP)

What is the Paycheck Protection Program?

The Small Business Administration’s Paycheck Protection Program provides loans to help small businesses struggling in the wake of the COVID-19 pandemic.

Visite el Tesoro de los Estados Unidos y la Administración de Pequeñas Empresas de los Estados Unidos para obtener más información. The SBA has issued many interim final rules on the Paycheck Protection Program. In addition, the SBA periodically updates the Preguntas frecuentes para prestamistas y prestatarios.

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How does a credit union become a Paycheck Protection Program lender?

NCUA updated its Letter to Credit Unions 20-CU-06, Small Business Administration Loan Programs to Help Small Businesses and Members During the COVID-19 Pandemic, with additional information from the Small Business Administration (SBA) on how to become a Paycheck Protection Program (PPP) lender. In addition, NCUA developed a helpful presentation to assist credit unions in becoming a PPP lender (Inglés).

Credit unions, particularly those that had difficulties during the initial funding round, should review the SBA’s Lender Agreement (Federally Insured Depository Institutions, Federally Insured Credit Union, Farm Credit Institutions). Being approved to be a PPP lender and understanding how to use SBA portals as soon as possible can improve a credit union’s ability to make PPP loans and meet the needs of the small businesses they serve.

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Are credit unions eligible to apply for Paycheck Protection Loans from the Small Business Administration?

At this time, credit unions are not eligible to apply for Paycheck Protection Loans. Eligible entities are small businesses, 501(c)(3) non-profit organizations, veterans organizations described in Section 501(c)(19) of the Internal Revenue Code, tribal business concerns described in 31(b)(2)(C) of the Small Business Act, independent contractors, and the self-employed. Please refer to the SBA's interim Final rule (Inglés) para obtener información adicional.

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Does the Equal Credit Opportunity Act (ECOA) and Regulation B requirements apply to the SBA’s Paycheck Protection Program (PPP) loans?

Yes. When working with loan applicants, lenders, including credit unions, must adhere to fair lending laws and other applicable legal requirements.

The purpose of ECOA and Regulation B is to promote the availability of credit to all creditworthy applicants without regard to specified prohibited bases for discrimination. ECOA and Regulation B prohibit discrimination against an applicant on a prohibited basis regarding any aspect of a credit transaction, and prohibit discouraging a reasonable person, on a prohibited basis, from making or pursuing an application. Vea 12 C.F.R § 1002.4(a), (b). The prohibition on lending discrimination in ECOA and Regulation B applies to all lenders and to both business and consumer loans. We encourage you to visit the SBA's website for more information on PPP loans.

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If I have a Paycheck Protection Program (PPP) loan, how do I apply for loan forgiveness?

What is the reporting process through which Payroll Protection Program (PPP) lenders will report on PPP loans and collect the processing fee on fully disbursed loans?

La SBA publicó respuestas a  procedural notice to provide guidance to lenders on PPP loan reporting, the fees paid to lenders, and the process to request payment of those fees.

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Where can I find information on the Federal Reserve Paycheck Protection Program Liquidity Facility (PPPLF)?

The Federal Reserve is supplying liquidity to participating financial institutions, including credit unions, through term financing backed by PPP loans to small businesses. El Paycheck Protection Program Liquidity Facility (PPPLF) will extend credit to eligible financial institutions, including credit unions.

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Where can I find information on Paycheck Protection Program (PPP) whole loan and participation sales?

What is the Paycheck Protection Program (PPP) Flexibility Act and what does it mean for credit unions?

El Paycheck Protection Program (PPP) Flexibility Act of 2020 provides small businesses with more time and flexibility to use PPP funds by modifying certain CARES Act provisions related to loan forgiveness and payroll tax deferral for borrowers. The modifications include the following:

  • Extends the covered period for loan forgiveness from eight weeks after the date of loan disbursement to 24 weeks after the date of loan disbursement. Borrowers who have already received PPP loans retain the option to use an eight-week covered period.
  • Lowers the percentage of a borrower’s loan proceeds that must be used for payroll costs and the percentage of the loan forgiveness amount that must have been spent on payroll costs during the 24-week loan forgiveness covered period, in both cases, from 75 percent to 60 percent.
    • If a borrower uses less than 60 percent of the loan amount for payroll costs during the forgiveness covered period, the borrower will continue to be eligible for partial loan forgiveness, subject to at least 60 percent of the loan forgiveness amount having been used for payroll costs.
  • Extends the maturity limit of PPP loans that are approved by SBA (based on the date SBA assigns a loan number) on or after June 5, 2020, from two years to five years.
  • Extends the deferral period for borrower payments of principal, interest, and fees on PPP loans to the date that SBA remits the borrower’s loan forgiveness amount to the lender (or, if the borrower does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period).
  • Provides a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees for borrowers that are unable to return to the same level of business activity the business was operating at before February 15, 2020.
    • This applies to situations arising from compliance with requirements or guidance issued between March 1, 2020 and December 31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to worker or customer safety requirements related to the COVID–19 pandemic.
  • Provides a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees, to provide protections for borrowers that are both unable to rehire individuals who were employees of the borrower on February 15, 2020, and unable to hire similarly qualified employees for unfilled positions by December 31, 2020.

Credit unions may access the SBA’s website to see the new interim final rule implementing these changes, as well as the revised lender application, borrower application, y loan forgiveness application.

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Ley de Ayuda, Asistencia y Seguridad Económica por Coronavirus (CARES)

¿Cómo afecta la Ley de Ayuda, Asistencia y Seguridad Económica por Coronavirus (CARES) a mi cooperativa de ahorro y crédito?

La Ley CARES contiene varias disposiciones que ayudan a los trabajadores, sus familias y negocios, lo que incluye a las cooperativas de ahorro y crédito. Junto con las disposiciones sobre los beneficios del seguro de desempleo y los programas de préstamos con garantía, contiene disposiciones que respaldan a los trabajadores de la salud, dan fondos para pruebas de detección de COVID-19, y prestan asistencia a sectores de la economía gravemente afectados. La NCUA emitió una  Carta a las cooperativas de ahorro y crédito 20-CU-07 - Resumen de la Ley de Ayuda, Asistencia y Seguridad Económica por el Coronavirus (CARES) el 7 de abril de 2020. A continuación, presentamos algunas de las disposiciones que afectan directamente a las cooperativas de ahorro y crédito:

  • Planta central de liquidez (§ 4016): las modificaciones que aporta la Ley CARES proporcionan una significativa asistencia a la liquidez a todo el sistema de las cooperativas de ahorro y crédito a medida que nos ocupamos de los temas relacionados con la pandemia por COVID-19. La planta central de liquidez (CLF) puede pedir préstamos al Tesoro de los Estados Unidos y hacer préstamos a las cooperativas de ahorro y crédito socias y al Fondo Nacional de Seguro de Depósitos de Cooperativas de Ahorro y Crédito. Esta capacidad de solicitar préstamos fue un elemento fundamental de la capacidad del sistema de las cooperativas de ahorro y crédito de la NCUA para resolver la última crisis financiera. La ley CARES realiza cuatro modificaciones a la planta CLF, que caducan o quedan sin efecto el 31 de diciembre de 2020:
    • aumenta la máxima autoridad prestamista legal de la CLF;
    • permite acceso temporario a cooperativas de ahorro y crédito corporativas, como socios agentes para solicitar préstamos para cubrir sus necesidades;
    • ofrece mayor flexibilidad y accesibilidad a los socios agentes para que incorporen y atiendan a grupos más pequeños de sus instituciones cubiertas con respecto a la totalidad de sus membresías;
    • ofrece mayor claridad y flexibilidad sobre las finalidades por las que el Directorio de la NCUA puede aprobar préstamos eliminando la frase: "el Directorio no aprobará una solicitud de crédito cuya intención sea ampliar el portafolio de negocios de una cooperativa de ahorro y crédito".

El personal de la NCUA está haciendo un gran esfuerzo para implementar los cambios que establece la Ley CARES. Para conocer las últimas novedades o si tiene preguntas, envíe un email a  clfmail@ncua.gov. Visit the Planta central de liquidez si desea obtener más información.

  • Umbral asegurado de depósitos (§ 4008(b)): la Ley CARES permite a la Mesa directiva de la NCUA, conjuntamente con la Federal Deposit Insurance Corporation (FDIC), aumentar por un monto ilimitado o por un monto menor, según lo apruebe la Mesa directiva, la cobertura de seguro de depósitos sobre cuentas de transacciones sin interés de cooperativas de ahorro y crédito con seguro federal hasta el día 31 de diciembre de 2020. El Directorio de la NCUA evaluará si es necesario el aumento o no, a medida que evolucione la situación circundante a la pandemia por COVID-19.
  • Ayuda temporaria por problemas para la reestructuración de deuda (§ 4013): la ley permite a las instituciones financieras, incluidas las ccoperativas de ahorro y crédito, suspender los requisitos para categorizar determinadas modificaciones crediticias en relación con la pandemia por COVID-19 a medida que se reestructure una deuda con problemas. Las agencias reguladoras financieras a nivel federal, incluida la NCUA, publicaron una  declaración interagencial revisada proporcionando orientación el día 7 de abril de 2020.
  • Programa de protección salarial (§§ 1102 y 1109): la Ley CARES autoriza a la Administración de Pequeñas Empresas (SBA) a crear un programa de garantías crediticias, el Programa de Protección Salarial (PPP), con el fin de prestar ayuda para que ciertas empresas afectadas por esta situación cubran sus necesidades salariales y de servicios públicos (lo que incluye sueldos, licencias por enfermedad, otras licencias con goce de sueldo y gastos de seguro médico) como consecuencia de la pandemia por COVID-19. Las entidades podrán incluir pequeñas empresas, organizaciones sin fines de lucro de la sección 501(c)(3), organizaciones de veteranos de guerra detalladas en la Sección 501(c)(19) del Código de Rentas Internas, negocios tribales detallados en la Sección 31(b)(2)(C) de la Ley de Pequeñas Empresas, contratistas independientes y personas que trabajen por su cuenta. Visite el  Tesoro de los Estados Unidos y la  Administración de Pequeñas Empresas de los Estados Unidos para obtener más información.
  • Ayuda temporaria opcional por pérdidas crediticias actuales esperadas (CECL) (§ 4014): las cooperativas de ahorro y crédito actualmente no tienen la obligación de cumplir con las pérdidas crediticias actuales esperadas (CECL), también denominadas Actualización de las normas contables n.º 2016-13 del Consejo de Normas Contables y Financieras (FASB) ("Medición de pérdidas crediticias sobre instrumentos financieros"). No obstante, la Ley CARES sí establece una exención del requisito de cumplir con las CECL hasta el día 31 de diciembre de 2020 o la finalización de la emergencia de salud pública por la COVID-19, lo que ocurra primero.

Conjuntamente con lo anterior, la Ley CARES incluye las siguientes protecciones para los consumidores:

  • Protección crediticia durante la COVID-19 (§ 4021): la Ley CARES exige que los proveedores de datos de las agencias de informes crediticios, incluidas las cooperativas de ahorro y crédito, informen las modificaciones de los préstamos como resultado de la pandemia por COVID-19 como "actuales" o según el estado informado antes de la adaptación, a menos que el consumidor se torne actual. El requisito se aplica a todo el periodo de adaptación. Las modificaciones de préstamo podrán incluir, entre otras cuestiones, tolerancia o modificación en los pagos. Las modificaciones se aplican solo a las cuentas en las que el consumidor haya cumplido con los requisitos de tolerancia o con los acuerdos de modificación en los pagos. Esta protección se encuentra disponible a partir del día 31 de enero de 2020 y finaliza 120 días después de la promulgación o 120 días después de la fecha en que se declare terminada la emergencia nacional por COVID-19, lo que ocurra primero.
  • Moratoria de ejecuciones hipotecarias sobre hipotecas unifamiliares y derecho del consumidor a solicitar tolerancia (§ 4022): la Ley CARES prohíbe las ejecuciones hipotecarias sobre todos los préstamos hipotecarios unifamiliares respaldados a nivel federal durante 60 días, a partir del 18 de marzo de 2020 y hasta el 17 de mayo de 2020. Establece hasta 180 días de tolerancia para prestatarios de hipotecas con respaldo federal que sufran inconvenientes financieros relacionados con la pandemia por COVID-19. Los prestatarios no tienen la obligación de presentar documentación adicional. Las hipotecas aplicables incluyen a las adquiridas a Fannie Mae y a Freddie Mac, aseguradas o garantizadas por el HUD, el VA, o el USDA o hechas directamente por parte del USDA. Este requisito finaliza el día 31 de diciembre de 2020 o cuando termine la emergencia de salud pública por COVID-19, lo que ocurra primero.
  • Tolerancia de pagos de préstamos hipotecarios residenciales para propiedades multifamiliares con préstamos con respaldo federal (§ 4023): la Ley CARES establece una tolerancia de hasta 90 días para prestatarios que tengan un préstamo hipotecario multifamiliar con respaldo federal y sufran dificultades económicas. Los prestatarios que reciban la tolerancia establecida no podrán desalojar ni cobrar aranceles por mora a los inquilinos durante el periodo de tolerancia. Las hipotecas aplicables incluyen préstamos para bienes inmuebles diseñados para cinco o más familias que se adquieran, aseguren o tengan asistencia de Fannie Mae, Freddie Mac, el Departamento de Vivienda y Desarrollo Urbano de Estados Unidos (HUD) u otra agencia federal. Este requisito finaliza el día 31 de diciembre de 2020 o cuando termine la emergencia de salud pública por COVID-19, lo que ocurra primero.

Las agencias federales reguladoras de finanzas publicaron una  declaración interagencial que establece la necesidad de una flexibilidad reguladora para posibilitar que las entidades hipotecarias, incluidas las cooperativas de ahorro y crédito, puedan trabajar con los consumidores que tienen problemas por estar afectados por la pandemia de COVID-19.

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¿Las cooperativas de ahorro y crédito reúnen los requisitos para acceder a créditos impositivos según la ley CARES? Si una cooperativa de ahorro y crédito decidiera cerrar una sucursal o reducir los servicios de una sucursal (por ejemplo las transacciones en el salón de espera), ¿esto afecta a su capacidad para cumplir con los requisitos? Además, ¿las cooperativas de ahorro y crédito reúnen los requisitos para recibir un crédito reembolsable de $10,000 por empleado por el 50 por ciento de los salarios pagados desde el 13 de marzo hasta el 31 de diciembre?

La Sección 2301 de la Ley CARES establece créditos por impuestos laborales para los "empleadores que cumplan los requisitos" y tiene disposiciones que regulan específicamente a las organizaciones sin fines de lucro. Recomendamos que se comunique con un asesor impositivo y/o consulte la  orientación del Servicio de Rentas Interno (IRS) si desea obtener más información.

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Ley de Respuesta a las Familias Primero por Coronavirus (FFCRA)

¿Cómo puede solicitar una cooperativa de ahorro y crédito una excepción a la Ley de Respuesta a las Familias Primero por Coronavirus (FFCRA) y la ampliación de la Ley de Licencia por Motivos Familiares y Médicos (FMLA), que actualmente se aplica a empleadores que tengan menos de 50 empleados?

La Ley FFCRA la está implementando el Departamento de Trabajo de los Estados Unidos. Le recomendamos comunicarse con un asesor en cuestiones de derecho laboral y/o consultar la orientación detallada del Departamento de Trabajo, que también publicó una  norma temporaria  el día 1 de abril que aborda excepciones para pequeños empleadores.

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Asistencia a las cooperativas de ahorro y crédito

¿La NCUA dispone de subvenciones para ayudar a las cooperativas de ahorro y crédito afectadas por la COVID-19?

As of July 15, 2020, funding for the COVID-19 urgent need grants initiative has been fully utilized and new applications will no longer be accepted. The NCUA will complete the review process for COVID-19 urgent need grant applications that are currently pending, and the agency will notify credit unions of its decisions on those applications by email.

Urgent need grants are available for events not related to the pandemic, until funds are exhausted. Federally insured, low-income-designated credit unions may apply for grants up to $7,500 for emergency and natural disaster relief.

Eligible credit unions wishing to apply for urgent needs grants should review the NCUA’s Urgent Need Grants Guidelines (Inglés). Apply through the agency’s CyberGrants portal.

Credit unions with questions should contact the Office of Credit Union Resources and Expansion by email at CUREApps@ncua.gov.

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Liquidez de una cooperativa de ahorro y crédito

¿Qué otras opciones tienen las cooperativas de ahorro y crédito para resolver cualquier efecto en la liquidez a causa de la COVID-19?

Las cooperativas de ahorro y crédito deben evaluar sus planes de liquidez contingentes a la luz del entorno actual. Deben también controlar las fuentes de financiación estándar para determinar si será necesaria una fuente contingente de un proveedor de respaldo y, de ser así, volver a familiarizarse con la manera en la que funciona ese acceso. For credit unions with access, the Federal Reserve’s discount window is available to assist with eligible depository institutions, including credit unions. La Reserva Federal que ofrece préstamos a instituciones depositarias cumple un rol importante para respaldar la liquidez y la estabilidad del sistema bancario y la implementación eficiente de la política monetaria.

Al ofrecer acceso disponible a una fuente de respaldo de financiación, la ventanilla de descuento ayuda a las instituciones depositarias a resolver los riesgos de liquidez de manera eficiente y evitar medidas que tengan consecuencias negativas para sus clientes. Por lo tanto, la ventanilla de descuento ofrece un flujo constante de crédito a hogares y empresas. Ofrecer liquidez de esta manera ha sido uno de los objetivos originales del Sistema de la Reserva Federal y otros bancos centrales. Additionally, credit unions that are members of the Planta central de liquidez can borrow funds for their liquidity needs and membership is open to all credit unions.

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¿Una cooperativa de ahorro y crédito puede usar la Planta central de liquidez (CLF) de la NCUA a los fines de la liquidez contingente?

Yes, the purpose of the Planta central de liquidez (CLF) is to improve general financial stability by providing credit unions a source of loans to meet their liquidity needs and encourage savings, support consumer and mortgage lending, and provide basic financial resources to all segments of the economy. A tal fin, el acceso a la CLF es voluntario y abierto a todas las cooperativas de ahorro y crédito que se adhieran a la CLF y que adquieran una cantidad determinada de acciones. Existen dos tipos de membresías en la CLF: las cooperativas de ahorro y crédito de individuos (socio "regular") y las cooperativas de ahorro y crédito corporativas (socio "agente"). Las cooperativas de ahorro y crédito de individuos pueden obtener préstamos de la CLF directamente como socios regulares o de forma indirecta a través de un socio agente.

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What are the important changes to the Central Liquidity Facility?

El Ley de Ayuda, Asistencia y Seguridad Económica por Coronavirus (CARES) (Inglés) enacted on March 27, 2020 brought important changes to the Central Liquidity Facility (CLF). It amended the Subchapter III of the Federal Credit Union Act. The CARES Act made four amendments, all of which sunset or expire on December 31, 2020:

  • Increased the CLF’s maximum legal borrowing authority.
  • Permitted temporary access for corporate credit unions, as agent members to borrow for their own needs.
  • Provided greater flexibility and affordability to agent members to join and serve smaller groups of their covered institutions than their entire memberships.
  • Provided more clarity and flexibility about the purposes for which the NCUA Board can approve loans by removing the phrase “the Board shall not approve an application for credit the intent of which is to expand credit union portfolios.”

In addition, the NCUA Board approved an interim final rule (Inglés) of Part 725 of the NCUA’s Rules and Regulations on April 13, 2020 that provided additional enhancements to the CLF:

  • Eliminated the six-month waiting period for a new member to receive a loan.
  • Amended the waiting period to withdraw from membership.
  • Eased collateral requirements for certain assets securing CLF loans.

Letter to Credit Unions 20-CU-08 – Enhancements to Central Liquidity Facility Membership and Borrowing Authority provides details on these changes.

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Why is it important for my credit union to join the Central Liquidity Facility?

The NCUA encourages credit unions to join the Central Liquidity Facility (CLF) as soon as possible. La afiliación es voluntaria y está abierta a todas las cooperativas de ahorro y crédito que adquieran una cantidad determinada de acciones. Visit the CLF website for details on the changes and membership application.

The CLF is a unique public/private mixed-ownership entity and it can only be effective when membership is sufficiently large to create the critical mass of capital amounts we need to achieve sizable borrowing authority.

By joining the CLF, you will help the credit union system as a whole. How is this possible?

  • The more capital subscriptions the CLF has, the higher the borrowing authority we have to provide liquidity assistance to credit unions. Currently, the borrowing authority is about $10 billion. If most credit unions join, it could be over $100 billion.
  • Increased CLF subscriptions will provide the credit union system and the Share Insurance Fund a vital contingent source of funds to assist with system-wide liquidity events.
    • The CLF has increased borrowing capacity from 12 times the CLF's capital to 16 times its capital. That's a tremendous boost on top of the other flexibility we've gained.
    • Access to liquidity becomes crucial if counterparty trust in the financial markets begins to decline and those market sources potentially decline or disappear.
    • The ability for the Share Insurance Fund to borrow from the CLF was a key part in the success of the credit union system during the last financial crisis.

In short, CLF membership bolsters the NCUA’s ability to help both individual credit unions and the Share Insurance Fund.

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How does my credit union sign up for the Central Liquidity Facility?

NCUA staff are available to help you in joining the Central Liquidity Facility or answering questions about these initiatives. Visit the Central Liquidity Facility website for details on the changes and membership application. In addition, you can email us at clfmail@ncua.gov.

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How do the changes to the Central Liquidity Facility make joining it more affordable?

Becoming a member of the Central Liquidity Facility (CLF) is affordable, relatively easy, and economically feasible. It is a form of liquidity insurance, the strength of which increases as the membership grows. You can join as a regular member, gain access to liquidity advances immediately (instead of waiting six months), and terminate your membership within six months or by December 31, 2020, whichever comes sooner. By amending the notice periods for terminating membership, the NCUA has made it easier to join the CLF, even for a temporary period, but also end your membership if that is necessary and important to your institution after the COVID-19 crisis is resolved.

While a credit union has to buy capital stock to become a regular member, you only have to pay in one half of the subscription amount. The paid-in requirement works out to be about one quarter of one percent of your assets (though it's actually based on your total shares and undivided earnings). One quarter of one percent is your cash outlay. The CLF gets to lever that dollar amount 32 times because the multiplier of 16 is based on the total stock subscription, not just the paid-in portion.

You hold the on-call portion on your balance sheet and keep it in short-duration assets. The NCUA won't be asking for it since we can borrow what we need from the Federal Financing Bank. We will pay a quarterly dividend that reflects short-term market rates. The CLF's earnings comes from its investment of stock proceeds (and retained earnings) into a laddered Treasury portfolio. Our dividend is a function of what we earn, same as you. But, after covering our costs (including retained earnings contributions) we will pay excess earnings out to our members.

We've been provided flexibility in the law to be more accommodating when approving a loan advance request, without concern for whether the borrowing increases your "net" portfolios. This allows us more discretion in approving loan requests if we are satisfied you made reasonable efforts to tap your primary sources first. In uncertain times, primary sources may become reduced or even canceled, so a backup source is prudent. We've eased the collateral requirements on some assets to make borrowing more aligned with the Discount Window's requirements. This could translate to an increase in what you can borrow against your unencumbered assets, depending on what you pledge. This is a permanent change to the regulation.

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Cobertura de seguro de depósitos,

¿La NCUA tiene recursos disponibles para asistir a las cooperativas de ahorro y crédito y a los consumidores que tengan preguntas acerca del Fondo de seguro de depósitos?

El sitio web para consumidores de la NCUA,  MyCreditUnion.gov, contiene una página con  Herramientas de seguro de depósitos  para brindar a los consumidores información sobre los seguros de depósitos, entre las que se incluye una  calculadora de seguro de depósitos. Para otras preguntas sobre la cobertura de seguro de depósitos de la NCUA, llame al 1.800.755.1030, opción 1, de lunes a viernes, de 8 a.m. a 5 p.m., o envíe un email a  dcamail@ncua.gov. En 2018, la Oficina de Expansión y Recursos para Cooperativas de Ahorro y Crédito de la NCUA realizó dos seminarios web sobre seguros de depósitos y estos eventos se encuentran archivados en la página  Servicio de gestión del aprendizaje de la NCUA. Desplácese hacia abajo por la página y, en la sección de seminarios web, seleccione Seguro de depósitos, Parte 1 y Seguro de depósito, Parte 2.

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Cybersecurity, Frauds, and Scams

¿Hay estafas relacionadas con el coronavirus (COVID-19) de las que las cooperativas de ahorro y crédito y los consumidores deban saber?

El 6 de marzo de 2020, la Agencia de Seguridad de Infraestructura y Ciberseguridad (CISA) emitió una alerta  para recordar a las personas que estén atentas a estafas relacionadas con el coronavirus (COVID-19). Es posible que los impostores cibernéticos envíen adjuntos maliciosos o enlaces a sitios web falsos para engañar a sus víctimas con el fin de que revelen información confidencial o para que donen a organizaciones o causas fraudulentas. Se aconseja a las cooperativas de ahorro y crédito y a sus socios que sean cautelosos con solicitudes en redes sociales, mensajes de texto o llamadas vinculadas al COVID-19, y que sean extremadamente precavidos con cualquier email con una línea de asunto, adjunto o hipervínculo relacionado con la COVID-19.

CISA insta a las personas a permenecer alertas y a tomar las siguientes precauciones.

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How are cyber criminals taking advantage of the COVID-19 pandemic?

Criminals are using a range of strategies, including phishing attacks, social engineering, exploiting vulnerabilities with malicious code such as ransomware, and business email compromises.

On April 14, 2020, the NCUA issued Risk Alert 20-Risk-01 – Cybersecurity Considerations for Remote Work to assist the industry. The FBI warns of these attacks with the following alerts:

Additional cybersecurity law enforcement alerts can be found at the FBI’s Internet Crime Compliant Center (IC3).

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What resources can I send to my members to protect their personal and financial information when using mobile banking applications?

While mobile banking has been progressively on the rise in recent years, usage has increased during the COVID-19 pandemic. With the benefits of mobile banking comes risk by cyber criminals of exploiting consumers new to these methods of banking. The Federal Bureau of Investigation has issued Public Service Announcement I-061020-PSA highlighting methods of cyber-attacks on mobile banking as well as a few protection tips. Additional information associated with security protections for privacy and mobile device applications are available on the Department of Homeland Security Cybersecurity and Infrastructure Security Agency's Security Tip (ST19-003).

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Acotaciones


1 12 U.S.C. § 1761b.
2 Estatutos de la Cooperativa de ahorro y crédito federal. Art. VI, § 5.
3 La NCUA requiere al personal que se someta a autoaislamiento y no se presente a trabajar durante 14 días, incluso cualquier cooperativa de ahorro y crédito asegurada, si volvió de un viaje a países que los CDC hayan designado con el nivel 3 de alerta de viajes o si entró en contacto con alguien que viajó a esos países. También se requiere que el personal se someta a autoaislamiento y no se presente a trabajar durante 14 días si entró en contacto estrecho con alguien que haya tenido un resultado positivo de COVID-19 o si tuviera algún síntoma de COVID-19.
4 As of March 26, 2020, the following states have enacted and fully implemented permanent remote online notarization laws and/or rules: Virginia, Texas, Nevada, Michigan, Minnesota, Montana, Ohio, Tennessee, Florida, Idaho, Kentucky, Oklahoma and North Dakota. South Dakota has enacted RON laws, but South Dakota limits RON to notarizing paper documents only.
5 The states with temporary authorizations to perform remote online notarizations are Alabama, Colorado, Connecticut, Illinois, Iowa, Maryland, New Hampshire, New York, Pennsylvania, Vermont, Washington and Wisconsin.

Última modificación el
07/24/20