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Extended Exam Cycle Could Begin in 2017
Monday, October 10, 2016 6:45 AM

Exam Flexibility Initiative Makes 10 Recommendations to Improve Exam Process

Well-managed, low-risk federal credit unions with assets of less than $1 billion could move to an extended examination cycle beginning next year, pending approval by the NCUA board.

The extended exam cycle is one of 10 recommendations the agency’s Exam Flexibility Initiative working group included in a report now available online. A comprehensive list of frequently asked questions and a summary of stakeholder comments are also available on the Exam Flexibility Initiative’s webpage.

The NCUA board is scheduled to consider the working group’s recommendations as part of the agency’s 2017–2018 budget, scheduled to come before the board at its Nov. 17 open meeting.

With board approval, the following recommendations would become effective Jan. 1, 2017:

  • An extended exam cycle for well-managed, lower risk federal credit unions;
  • Enhanced examinations of small federal credit unions;
  • Enhanced coordination of exams for federally insured, state-chartered credit unions; and
  • Establishment of an NCUA and state supervisor working group.

NCUA could make other changes as of July 1, 2017, including improvements in examination planning and the issuance of a post-exam survey, if the board approves those recommendations.