ALEXANDRIA, Va. –Today, Aug. 1, is the final day to comment on NCUA’s efforts to modernize its examination and supervision program.
“We are committed to continual quality improvement and, in particular, to modernizing the examination process, the agency’s largest function,” NCUA Board Chairman Rick Metsger said in May. “More than 102-million account-holders trust us to protect their hard-earned money, so our program needs to continue to be as effective as we can make it, but it also needs to be efficient for credit unions. I’m looking forward to a thoughtful dialog with stakeholders on how we can improve this program, place fewer burdens on credit unions and protect members’ deposits.”
As part of its initiative, NCUA presented five questions for credit unions to consider and comment on:
- How can NCUA conduct future examinations in ways that minimize their impact on credit unions’ operations?
- What concerns do credit unions have about the current examination and supervision program?
- What steps should NCUA take to improve the efficiency of its examination program while ensuring it remains effective?
- How can NCUA better use technology in examinations?
- What metrics should NCUA consider to determine a credit union’s eligibility for an extended examination cycle?
At last month’s open board meeting, NCUA approved its 2017-2021 strategic plan, and in doing so emphasized its commitment to reducing the regulatory burden on CUs and possibly extending the exam cycle for well-run CUs. The new plan includes removing the calendar-year exam requirement.