ALEXANDRIA, Va. (Oct. 12, 2012) – A recent webinar on loan workouts, nonaccruals, and the reporting of troubled debt restructurings is now available online, the National Credit Union Administration (NCUA) announced today.
During the webinar, NCUA experts and Crowe Horwath consultants discussed supervisory guidance recently issued to examination staff implementing the final rule on loan workouts and nonaccrual policy, as well as the regulatory reporting of troubled debt restructured loans.
At its May 24, 2012, open meeting, the NCUA Board approved a final rule amending Part 741 of NCUA’s rules to require federally insured credit unions to maintain written policies that address the management of loan workout arrangements and nonaccrual policies for loans, consistent with industry practice. The final rule includes guidelines—set forth as an Interpretive Ruling and Policy Statement and incorporated as Appendix C—to assist federally insured credit unions in complying with the rule, including the regulatory reporting of troubled debt restructured loans in Call Reports.
The rule also removed manual tracking procedures and eased reporting requirements for credit unions. The changes were designed to ensure that members who can no longer afford to make full payments on their original mortgages can keep their homes if they agree to certain modified terms with their credit union. The rule is available at 77 Fed. Reg. 31993 (May 31, 2012).
More than 1,600 people joined the webinar. An archived audio recording and a written transcript of the webinar is now publicly available on NCUA’s website at http://www.ncua.gov/News/Videos/Pages/default.aspx.
For technical questions related to accessing the webinar, contact NCUA’s OCIO Technical Support at 800-827-3255 or firstname.lastname@example.org
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 97 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues..