NCUA Updates: CECL, Cybersecurity, Commercial RE, & COVID

From the Current Expected Credit Loss (CECL) rule to the credit union industry’s cybersecurity resilience — and from commercial loan accommodations to rescinding most COVID-19 regulatory guidance — the National Credit Union Administration (NCUA) made the following important announcements this past week:

• June Release: Updated CECL Tool Includes ‘Life of Loan’ Enhancements.
• Strengthening Credit Unions: Cybersecurity and Industry System Resilience Report.
• Joint Agency Statement: Policy on Commercial Real Estate Loan Accommodations and Workouts.
• Archiving the Pandemic: Rescinding Most COVID-19 Guidance to Credit Unions.

Additionally, the California and Nevada Credit Union Leagues have filed a comment letter with the NCUA this past week regarding climate-related financial risks and will keep credit unions posted on this topic.

If your credit union has any questions, please email Lisa Quaranta, vice president of regulatory advocacy and compliance for the California and Nevada Credit Union Leagues.