ALEXANDRIA, Va.—The NCUA board will vote on a proposed risk-based net worth rule at its open meeting Thursday, and will issue a request for information related to the future of exams and supervision using digital technology. Separately, the agency has also sent a Letter to CUs on resuming examinations.
At this week's meeting, the board will also receive updates on minority depository institutions and the Guaranteed Notes Oversight Program, and vote on a final rule regarding technical amendments to NCUA’s rules.
Depending on how the nomination of Kyle Hauptman proceeds in the Senate, the board meeting could be the last for NCUA Board Member and former Chair J. Mark McWatters.
McWatters recently shared some of his parting thoughts here.
The meeting will be a live-streamed on NCUA.gov as an audio webcast and is scheduled to begin at 10 a.m. ET. CUToday.info will provide complete coverage.
Letter on Examinations
Separately, in a Letter to Credit Unions, NCUA said on-site, voluntary examinations of credit unions will be phased in beginning in July.
In the Letter to Credit Unions 20-CU-20, “Phased Approach to On-site Operations,” NCUA addressed how it will resume on-site operations at both its own offices and at credit unions. Due to the COVID-19 pandemic, NCUA has been conducting its examinations virtually.
“In the transition plan’s first phase, we may begin conducting voluntary on-site examinations,” the letter states. “We will communicate specific implementation details before we begin the first phase. During the first phase, the NCUA will continue to encourage both field and office staff to work remotely when possible and has placed prudent limits on the number of staff working in our offices.”
In terms of the reopening of its offices in Alexandria, Va., NCUA said it plans to implement social distancing and other precautionary measures in its offices to ensure the health and safety of its staff.
“Additional precautionary measures will include the distribution of appropriate protective supplies to both field and office staff,” the letter states.
For credit unions, NCUA said onsite examinations are to be voluntary, and a credit union must agree and be able to physically host on-site activity safely. The NCUA regional director must also approve on-site exam activity.
Credit unions in troubled condition will still face mandatory exams, the agency