ALEXANDRIA, Va.—NCUA has issued a Letter to Credit Unions (17-CU-01) addressing its supervisory priorities for the coming year.
In addition to listing focus areas: cybersecurity assessment, Bank Secrecy Act compliance, internal controls and fraud prevention, interest rate and liquidity risk, commercial lending and consumer compliance, NCUA stated that field staff will continue to use the streamlined small credit union exam program procedures for credit unions with assets up to $50 million and CAMEL ratings of 1, 2, or 3.
For all other credit unions, field staff will conduct risk-focused examinations, which concentrate on the areas of highest risk, new products and services, and compliance with federal regulations, the agency said.
For the complete letter, visit CUToday.info’s The gov.
NCUA also reminded that it is implementing an extended exam cycle this year, which is discussed in more detail in NCUA Letter to Credit Unions 16-CU-12,Risk Based Examination Policy.