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Compliance: NCUA Issues Recommendations for Examination Flexibility
Thursday, October 13, 2016 6:55 AM

NCUA released its report detailing 10 recommendations from the internal working group charged with the task of evaluating the agency's examination and supervision program. For a rundown of the recommendations, see below but if you prefer the nine-page report, click here.

The NCUA board will vote on the 10 recommendations when it votes on the agency's 2017-2018 operating budget, currently set for Nov. 17, 2018.

  1. Extend the exam cycle for low risk federal credit unions with assets less than $1 billion.
  2. Adjust the exam cycle for federal credit unions that don't meet the requirements for an extended exam cycle.
  3. Continue enhanced exams at small federal credit unions.
  4. Enhance coordination between NCUA and state supervisory authorities in the examination of federally insured state chartered credit unions.
  5. Establish a joint working group for increased collaboration between NCUA and state supervisory authorities.
  6. Establish applicable provisions for all federally insured credit unions (3 parts: random sampling examinations for small credit unions; measurement of exam cycle; authority to conduct more frequent exams).
  7. Enhance examination planning and notice procedures.
  8. Optional survey for the credit union at exam completion.
  9. Reduce onsite examination presence.
  10. Improve consistency of examiner training.

In addition to the release of the report, NCUA has made available a list of FAQs, a summary of stakeholder comments, and separate flowcharts illustrating the requirements credit unions would need to meet for an extended exam cycle (FCU/FISCU). Those materials may be accessed from NCUA's Exam Flexibility Initiative information page, found here.

Source:  NCUA

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