Board to consider proposal on succession planning, hear briefings
(Jan. 21, 2022) A proposed rule on succession planning at federal credit unions (under Part 701 of NCUA regulations), and a final rule on resetting civil monetary penalties (CMP), as well as three board briefings, are on the agenda for the NCUA Board when it meets Thursday.
The meeting is set to begin at 10 a.m. ET and scheduled to be live-streamed via the Internet.
The final rule on CMPs (under Part 747 of the agency’s regulations) is also scheduled for a board briefing. The final rule, which essentially updates an existing rule at the agency, will address statutory inflation of CMPs (the federal banking agencies have recently adopted similar rules for their agencies).
The other two board briefings will address the agency’s list of 2022 supervisory priorities (which was the subject of a letter to credit unions this week), and impact of the expiration of the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Consolidated Appropriations Act of late 2020 on the agency’s Central Liquidity Facility (CLF).
Both statutes were aimed primarily at providing fast, direct economic assistance to consumers and businesses to weather the financial impact of the coronavirus crisis. They also included provisions designed to strengthen the CLF over the duration of the pandemic.
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