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Extended Exam Cycles for Credit Unions Could Begin in 2017
Friday, October 7, 2016 6:40 AM

Well-run, low-risk federal credit unions with assets of less than $1 billion could see an extended examination cycle beginning next year, pending approval, NCUA said on Thursday.

The extended exam cycle is one of 10 recommendations 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.

“NCUA is committed to improving operations, responding to change, and finding ways to meet the needs of the credit unions we regulate while protecting the members whose money we insure,” NCUA Board Chairman Rick Metsger said. “We want to be more efficient and more effective while always putting safety and soundness first. We launched this initiative last May, and the working group has been diligent about gathering information and suggestions from credit union stakeholders. I am looking forward to discussing the working group’s recommendations at our next Board 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
  • the establishment of an NCUA and state supervisor working group.

NCUA also said it 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.

Source:  NCUA News Release