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Into , the fresh new NCUA joined together with other federal loan providers bodies, in the consultation having state monetary bodies, so you can procedure a modified Interagency Statement on Financing Changes and you will Reporting for Loan providers Coping with Users Affected by the new Coronavirus (reveals the latest screen) that discusses accounting and reporting factors pertaining to passage through of brand new Coronavirus Assistance, Recovery, and you may Financial Safety (CARES) Act.

So it page identifies many steps borrowing unions may use to partner with individuals which feel financial hardship of the COVID-19 pandemic, from giving even more money to creating short term or permanent financing changes. Additionally makes reference to just how borrowing unions is to screen and you may statement loan variations.

Due to the fact a note, the new NCUA encourages borrowing unions to do business with influenced borrowers. 1 NCUA examiners does not criticize a card union’s work to promote sensible relief to possess borrowers whenever instance tasks are conducted into the a good styles which have proper control and you may management oversight. (more…)