NCUA, Regulators Pledge Flexibility in Regulation of Institutions Affected by Hurricane, Wildfires

The National Credit Union Administration and the other banking regulators said Monday that they will be flexible in their regulation and supervision of financial institutions affected by the California wildfires and Hurricane Laura. In a joint statement, the agencies said they want to encourage institutions “operating in the affected areas to meet the financial services needs of their communities.” In the statement, the regulators said that financial institutions should work “constructively” with borrowers and pledged that prudent efforts to adjust or alter terms of loans will not be subject to examiner criticism. They added that “the agencies recognize that efforts

NCUA Board Member McWatters May Be Around for a While

National Credit Union Administration Board member J. Mark McWatters may have given his farewell comments during the board’s July meeting, but the Republican may not be going anywhere for a little while longer.

The Senate officially left town this week for its August recess without voting on McWatters’ replacement, Kyle Hauptman. The Senate is not expected to return until Sept. 8 unless negotiators reach a deal on the coronavirus crisis stimulus legislation.