NCUA’s Harper Says Agency Will Likely Need to Charge Premium

At its November 2020 board meeting, the National Credit Union Administration board approved a rule to allow credit unions to capitalize interest in connection with loan modifications made due to the pandemic, discussed the probable need for credit unions to pay a premium because the Share Insurance Fund equity ratio may fall lower, heard a report on the 2019 credit union diversity assessment, and Harper and McWatters indicated they opposed Hood’s proposed budget for the agency. The NCUA board may change by the December meeting as the nomination of Todd Harper is showing some movement in the Senate.

Former NCUA Chairman and Senator, Roger Jepsen, Dies

Former Sen. Roger Jepsen (R-Iowa), who chaired the National Credit Union Administration board from 1985 to 1993, died Friday in Bettendorf, Iowa. He was 91. President Reagan nominated Jepsen as NCUA chairman after Jepsen was defeated by former Democratic Sen. Tom Harkin. Jepsen “was well-liked and respected in the credit union community,” NCUA Chairman Rodney Hood said. NCUA officials noted that Jepsen led the agency during a period of great change, which included the conversion of more than 400 state-chartered credit unions to federal insurance coverage, as well as the adoption of the CAMEL rating system. Jepsen also chaired the

Hood Asks Senate Banking Committee to Extend CLF Changes

During his testimony before the Senate Banking Committee, National Credit Union Administration Chairman Rodney Hood said the Share Insurance Fund remains strong and that the Central Liquidity Facility changes that are set to expire at the end of the year need to be extended. He said the CLF needs the increased borrowing authority to continue dealing with the economic problems arising from the pandemic.