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NCUA Clarifies Modernization Initiatives
Tuesday, August 7, 2018 6:55 AM

National Credit Union Administration has several initiatives in process to improve and modernize how the agency conducts examinations and supervision. In a letter to credit unions, NCUA explained the purpose of these initiatives and the goals, which are to replace outdated, end-of-life examination systems, streamline processes, adopt enhanced examination techniques, and leverage new technology and data to maintain high-quality supervision of insured credit unions with less onsite presence.

The NCUA Board approved five initiatives to modernize the agency’s exam processes: the Flexible Examination Pilot Program (FLEX), Office of National Examinations and Supervision (ONES) Data Driven Supervision, the Shared NCUA-State Regulator Federally Insured, State-Chartered Credit Union (FISCU) Program, the Enterprise Solution Modernization Program (ESM), and the Virtual Examination Program. Some of the intended benefits of these initiatives are:

  • More efficient examinations and supervision
  • Reduced burden on credit unions
  • More consistent and accurate supervisory determinations
  • Greater ability to adapt to changes in the marketplace and credit union business models
  • Enhanced coordination with State Supervisory Authorities
  • Reduced travel costs
  • Improved quality of life for examiners
  • More secure, reliable, and flexible technology foundation able to support future expansion capabilities

According to the NCUA, these five initiatives are interrelated and complement each other, and should ultimately result in a fully modernized examination and supervision program with various incremental improvements occurring along the way.

View the in-depth explanation of each of the five initiatives.