Small, Mid & Large CU Update Call Recap

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Small, Mid & Large CUUpdate Call RecapThursday, May 14, 20209:00 a.m.Link to new ICUL.com COVID-19 MicrositeFuture Calls: Tuesday/Thursday @ 8:00 am (Small CUs) & 2:00 pm (Mid & Large CUs)Dial-in Instructions: 1 (669) 224-3412Access Code:359 – 712 – 741Use *6 to unmute/re-mute your phone if you want to speak during the call.OPENING REMARKS FROM TOM KANE In light of the COVID-19 crisis, NCUA has had to issue a lot of new rules, guidelines, and advice in response to newlaws – trying to apply existing rules and regulations as favorably as possible to keep the industry strong. Appreciationof today’s NCUA presenters was expressed.NCUA INTRODUCTIONS FROM PATRICK SMITH (MODERATOR) The panel of NCUA speakers include Larry Fazio - NCUA Executive Director, and Myra Toeppe - NCUA Acting DirectorOffice of Examination & Insurance.NCUA PRESENTATION FROMLARRY FAZIO (NCUA Executive Director) AND MYRA TOEPPE (NCUA Acting Director, Office of Examination & Insurance)NCUA’s Current Assessment and Top Concerns Stemming for the COVID-19 Crisis Comments from Larry:o Thanked the League for inviting both he and Myra to address Illinois credit unions.o NCUA’s top priority from the outset was the continuing function of the agency and the safety of the staff.o NCUA implemented a full tele-work posture since mid-March and have been functioning well from a remote telecommuting standpoint. With NCUA’s past implementation of progressive technology, and with the majority ofthe workforce previously being able to work outside the office and from home, the agency had a head start withremote working, which has served NCUA well during this COVID-19 situation.o NCUA went to a full offsite exam/supervision process (with few exceptions).o NCUA has been mindful of the impact of the crisis on credit unions and conducting examination related work,providing credit unions with lots of flexibility regarding their availability.o NCUA implemented a periodic touch base check-in process with credit unions. The agency wants to keep in touchwith credit unions to learn how credit unions are doing and learn what the agency can do to assist credit unionswith any challenges they are facing. Open lines of communication is key.o Overall, credit unions have been very successful throughout the country, adapting well to the pandemic situationand continuing to serve their members and keep their staff safe.o Generally, liquidity is solid and has actually gone up.o Looking ahead, there is potential for significant liquidity risk, credit risk through elevated delinquency and loanlosses, and cyber security risk. These are issues the agency will be reviewing throughout the remainder of theyear along with the CARES Act compliance relative to forbearance provisions.o The credit union system went into this crisis with historically strong net worth ratios – about 11.4% aggregate. avery low number of problem institutions, sound liquidity, and low borrowing within the system.o Also, the share insurance went into this crisis relatively strong with an equity ratio of about 1.35% at year end.o NCUA continues to move forward. Comments from Myra:

ooooooooCommended credit unions for their phenomenal job serving their members.During first couple of weeks that NCUA went into an off-site posture, the regions conducted surveys of creditunion operations learning that members were still being served and staff safety managed.NCUA extended the call report deadline to provide some relief to credit unions while credit unions were servingtheir members during this challenging period.NCUA also conducted surveys related to servicing and liquidity positions.NCUA has been able to perform offsite examinations of credit unions during this chaotic time.NCUA concerned about credit union performance over the next six to nine months.As previously mentioned, the agency has provided a lot of regulatory relief – funds forbearance, implementationof CARES act provisions, deduction of assets from PPP loans, PCA related relief, appraisal relief, and relaxation ofsome of the standards. Also did things to provide relief to credit unions, but would not affect the share insurancefund.NCUA has and continues to offer and update extensive information on its website dedicated to COVID-19 relatedissues to help credit unions.Current Overall Health of Credit Unions Comments from Myra:o For the March quarter, a drop of net worth ratio is expected. At the end of 2019, it was at 11.4% for the creditunion industry. An increase is expected in share growth, which is typical in the first quarter under normalcircumstances. Flight-to-safety came during this time period and stimulus checks came after March 31.o ROA’s are expected to go down the first quarter as a result of some credit unions affected by changes to someaccounting related to equity securities, which will run through the income statement. Also, some credit unionsalso started doing some allowance provisions. At the end of 2019, the ROA aggregate amount for the industrywas about 93 bases points.o The outcome going forward depends on the timing of how the economy rebounds.o Share insurance is in a decent position.o With unemployment spiking so fast and so high, among other things, stresses are anticipated. Comments from Larryo To put things in context, credit unions went into the great recession with an aggregate net worth peak of totalassets of about 11.5%, compared to about 11.4% for this downturn – almost the same. During the greatrecession, the aggregate net worth of total assets dropped to a low point of about 9.9%. The unknown outcomefor this instance depends on the depth of the downturn, the length of the downturn, and the speed of therecovery.Potential Impact of COVID-19 on the Share Insurance Fund Comments from Myrao In short, the answer is unknown.o The Share Insurance Fund is evaluated quarterly running different economic models to estimate and forecastgeneral reserves, using the most recent call report and CAMEL data.o COVID-19 is a new element that is not reflected in any models.o NCUA is finalizing some stress testing scenarios.o Modeling this scenario is difficult.Changes in NCUA Exam and Operational Procedures and Rollout of Merit Exam

Patrick Smith acknowledged NCUA’s accommodating approach to the offsite examination process with theunderstanding of what credit unions are going through out in the field dealing with branch issues and member accessissues in a variety of formats, such as closed fields of memberships located on plant site and no drive-up access. Comments from Myrao Currently, pilots or merit exams are being performed, but implementation of the merit exams will probably bedelayed.o As for offsite exams, much credit was given to credit unions for getting the information to NCUA.NCUA QUESTIONS - PREVIOUSLY SUBMITTED TO PATRICK SMITH Due to the pandemic, our Supervisory Committee members do not feel comfortable doing an internal monthly checkfor the next 3 months. Is it acceptable to waive the monthly Supervisory Committee Checks for May, June and July?o What approach would NCUA like to see when modeling future charge-off scenarios due to Covid-19?o Myra: Up to management judgment to determine adequacy of allowance and documentation of the judgment.Guidance of the ERM (Enterprise Risk Management) should still be applied (2002-03). NCUA will just look at howthe credit union is doing its modeling for future charge offs, looking back at historical rates. Hope to provide someFAQs based off of a webinar for the agency chief accountants that had really good information aboutforbearances and the allowance for loans and lease losses to help credit unions and examiners.What is NCUA’s position on reserve levels for Taxi Medallion Loan participations with COVID-19?o Myra: Yes, as directed by NCUA Chief Accountant. For supervisory committees attempting to perform internalaudit functions, such as surprise cash counts, review bank checks - they should follow managements teleworkpolicy. For example, if the board is only allowing essential staff to enter the credit union, then the supervisorycommittee can consider performing some of the internal audit functions remotely. This is similar to how we haveinstructed our examiners. They can continue again virtually, dealing with any member complaints that come in viaemail or regular mail and discuss among themselves and then respond to the member. There was a recentlyissued letter to credit unions (LCU 0 to 20), which gives guidance to board members on their regularly scheduledmeetings to be held virtually and feel the same guidance can be applied to supervisory committees.Myra: It is important that credit unions employ a validated all methodology that complies with GAP during thepandemic or not. Most credit unions dealing with this are getting CPA opinions attesting to the methodology thatis consistent with GAP.Has there been any modeling of the possible impact to the NCUSIF due to COVID 19 and what is the range of theimpact to credit unions?oMyra: This was touched on a bit previously. Basically, we don’t know. NCUA is looking at different stress testingscenarios. This is difficult.FINAL COMMENTS FROM LARRY AND MYRA Myra: Having come from a banking background of 25 years, is very impressed with how credit unions serve theirmembers. Furthermore, during this time, credit unions have really stepped up. NCUA continues to look at reliefmeasures to help credit unions and their members, while still protecting the fund. Recently, NCUA has receivedinquiries about accounting and is looking to get information about this out. Communication is important and pleasecontact us and let us know how we can help.

Larry: During this difficult time, the NCUA team and credit unions have really come through. Everyone’s efforts areappreciated. Lessons will be learned from this crisis to review and see how they can be applied going forward.Encouraged credit unions to refer to NCUA’s website. NCUA is cautiously optimistic and being proactive to beprepared for different scenarios as this continues to play out.NCUA LIVE QUESTIONS CANCELLED Due to the technical difficulties experienced during the call and the time constraint, the allowance for live questions hasbeen cancelled. For any additional questions, please refer them to Patrick Smith, who will forward them onto Larry and Mary for theirresponse.CREDIT UNION UPDATE FROM TOM KANE Reopening throughout the country is the current hot topic related to the COVID-19 crisis. Different areas of the country and within the state of Illinois have been impacted differently, some more so thanothers, thereby affecting the re-opening phases differently.ooooTennessee, Nebraska, and North Dakota, have not been impacted much. While they have implemented socialdistancing, they are more or less operating as usual.California, New Jersey and Illinois are basically shut down.Wisconsin – The Wisconsin Supreme Court has overturned the state's stay-at-home order, ruling it "unlawful"and "unenforceable."Illinois has established a phased reopening approach by region; however, municipalities/counties looking toreopen and consider to violating the Governor’s stay-at home order. As more and more businesses begin toreopen, there will be increased pressure for credit unions to open their lobbies. However, credit unions could beaffected by Governor Pritzker’s warning about reopening, saying that there will be consequences - suggestingstate-regulated businesses could lose their licenses and local governments could have federal dollars withheld.CREDIT UNION UPDATE FROM KEITH SIASFederal Update US House released the HEROES Act language on Tuesday, May 12, 2020.o CUNA/ICUL have been reviewing the 1800-page bill for provisions of interest. While the future of the bill isundetermined with the possibility of not passing, various provisions may be included in another bill.o The bill may be voted upon Friday along with Rule changes to allow for proxy voting for Members ofCo nsing and/or liability insurance coverage. “As such, credit unions in Madison Countyare asked to limit members to appointments only and to operate as they have been during this COVID-19 crisis.

May 14, 2020 · With NCUA’s past implementation of progressive technology, and with the majority of . o The credit union system went into this crisis with historically strong net worth ratios – about 11.4% aggregate. a . What is NCUA’s position on reserve levels for Taxi Medallio

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