Amended Regulations Require Federally Insured Credit Unions to ...

The National Credit Union Administration (NCUA) has amended its regulations to require federally...
1.Written Loan Workout Policy and Monitoring Requirements
The rule requires a FICU’s board and management to adopt and adhere to an explicit written policy and standards that control the use of loan workouts and establish controls to ensure the policy is applied consistently. The rule does not set forth “bright line” regulatory requirements or place defined parameters on FICU policies. Rather, the loan workout policy should be commensurate with each credit union’s size and complexity and must be in line with the credit union’s broader risk mitigation strategies. Among other things, the policy must:.......Amended Regulations Require Federally Insured <b>Credit Unions</b> to <b>...</b>: