CCUL Headlines: Risk & Compliance

Teleconference Recap: Regulators emphasize preserving members' confidence in CU system

Thursday, April 9, 2020   (0 Comments)
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In the Carolinas Credit Union League's April 2 teleconference with NCUA Regional Director Keith Morton, NC Credit Union Division Administrator Rose Conner, and SC Commissioner of Banking Rick Green, the regulators shared that their ultimate purpose amid the current pandemic is preserving consumer confidence.

League President and CEO Dan Schline moderated "Carolinas Regulatory Update and Discussion with NCUA, NCCUD, and SCBOFI," which focused on examinations during the pandemic, guidance on loan modifications and troubled debt restructurings (TDRs), and the agencies' priorities as credit unions navigate an environment that has many members facing unforeseen difficulty.

Those sudden challenges emphasize the regulators' common concerns: the cash supply, liquidity, and continued member access to money. Maintain all three and credit unions will weather current conditions while assuring members of the stability of credit union system.

During Q&A, the regulators stressed the need for open and consistent communication among their offices and credit unions. They encouraged credit unions to reach out to their respective lead examiners on any issues or roadblocks they may be encountering due to COVID-19, and to contact agency offices with any other questions and concerns.

The pandemic has brought an immediate "new normal” of operation all three agencies had already been looking toward, and it warrants additional training for examiners that will bring changes each agency will communicate to credit unions. As current conditions persist and credit unions work to support members, Morton, Conner, and Green pledged flexibility while urging that leaders continue to document actions and rationale, remaining attentive to the safety and soundness of not only their own credit unions, but the system as a whole.

If you have any questions or concerns as you navigate through the pandemic, please contact Jeanne Couchois at jcouchois@carolinasleague.org or the Risk Management Resources Dept. at risk@carolinasleague.org.


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