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| NCUA issues two Final Rules, Proposes Interim Final Rule |
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The NCUA announced its 14th round of regulatory changes as part of its Deregulation Project Tuesday. It issues two final rules and proposes an interim final rule.
The three new actions include:
• Transitional Provisions (Commercial Lending): This interim final rule (IFR) removes 12 CFR 723.9, a provision in the commercial lending regulation. The NCUA Board has determined that the provision—adopted as part of the 2016 commercial lending rule—has served its purpose and is no longer necessary. Comments are due to the NCUA 60 days after publication in the Federal Register.
• Treatment of Paycheck Protection Program Loans: A final rule making the regulatory treatment of Paycheck Protection Program loans permanent has been adopted by the NCUA Board. These provisions were initially adopted during the COVID-19 pandemic to implement the CARES Act.
• Definitions Related to Statutory Liens: The NCUA Board has also amended 12 CFR 701.39 by removing paragraph (a)(1), which included a definition that has been deemed unnecessary because credit unions are already responsible for identifying and complying with applicable laws when exercising their statutory lien authority.
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