Letter to Credit Unions (21-CU-01) Summary of the Consolidated Appropriations Act, 2021
This letter provides information about the provisions of the Consolidated Appropriations Act, 2021 that directly affect credit unions and their members. This act was signed into law on Dec. 27, 2020, and, among other things, extends several provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Some of the Consolidated Appropriations Act, 2021 provisions that affect credit unions are described below.
Central Liquidity Facility
The CARES Act made several temporary but substantive changes to Title III of the Federal Credit Union Act, which governs the Central Liquidity Facility. These changes were to sunset on Dec. 31, 2020, but the Consolidated Appropriations Act, 2021 extended each of the CLF CARES Act provisions described below through Dec. 31, 2021.
Letter to Federal Credit Unions (21-FCU-02) Operating Fee Schedule Adjusted for 2021
On Dec. 18, 2020, the NCUA Board approved changes to its regulations and associated methodologies for computing the annual operating fee charged to federal credit unions, as well as the resultant Operating Fee Schedule for 2021. Operating fees charged to federal credit unions will decrease by an average of 19.6% in 2021.
If your credit union owes an operating fee, it will be due no later than Thursday, April 15, 2021.
Letter to Federal Credit Unions (21-FCU-03) Underserved Area Expansions
Any federal credit union with a multiple common bond field of membership may include in its field of membership, without regard to location, underserved communities as defined by the Federal Credit Union Act. To promote greater financial inclusion and strengthen communities, the NCUA encourages such credit unions to expand their service to underserved areas.
Expanding into underserved areas can also help diversify membership and increase a credit union’s lending opportunities. Adding an underserved area to a federal credit union’s field of membership does not change the nature of a credit union’s charter. A multiple common bond federal credit union may add additional groups under the NCUA’s multiple common bond expansion options after being approved to expand service to an underserved area.
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