ARLINGTON, Va.–With the first credit unions to have undergone virtual exams by NCUA now reporting back on their experiences, NAFCU said it sees no reason to return to on-site exams once the coronavirus pandemic is considered to be over and under control.
Credit unions have told the trade group the experience has been “less disruptive,” according to Brad Thaler, VP-legislative affairs with NAFCU.
As a result, Thaler said, NAFCU is urging the federal regulator to not just move more exams to the virtual environment, but to also extend the online exam cycle. He encouraged NCUA to follow the lead of FDIC, which has taken both steps.
The move to virtual exams by NCUA is also expected to create considerable savings for the agency, as travel-related costs for examiners is among its biggest budget items. It’s an issue on which he said NAFCU will also be pressing NCUA.
“At NAFCU, we’re known as budget hawks on behalf of credit unions,” Thaler said. “We feel there is much more NCUA could do remotely.”