NCUA Board Approves Three Agenda Items

The NCUA met recently and as indicated in the agency’s board action bulletin unanimously approved the three items on its agenda:

• A final rule that removes the prohibition on the capitalization of interest in connection with loan workouts and modifications.
• A final rule that would phase in the day-one adverse effects on regulatory capital that may result from the adoption of the current expected credit losses (CECL) accounting methodology over a three-year period.
• An extension of the current 18% federal credit union loan interest rate ceiling until March 10, 2023.