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What You Missed at the Small Credit Union Conference
Tuesday, July 21, 2015 6:55 AM

Small CU Conference Jeffery Steele
Jeffery Steele

At the recent Small Credit Union Conference in Dallas, Texas, an event sponsored by the Cornerstone Credit Union Foundation and CU Resources, Inc., professionals, directors, and volunteers learned about robbery and hostage training, the NCUA examination focus, Office of Small Credit Union Initiatives grants and services, BSA/OFAC training, financial literacy, and roundtable discussions.

They also got to hear Jeffery Steele, from the National Credit Union Administration, on 2015 examination priorities. Steele said the most significant change will be the type of examination small CUs will receive. 

In recent years all CUs exams were “risk-based”—determining whether the CU was acquiring too much risk while operating. For small CUs, NCUA will be moving away from that toward a “defined scope examination,” or a transactional approach to the exam. The defined scope exam is designed to minimize the time examiners are at the CU while maximizing the time needed to focus on areas that need attention.

Small CU Conference
From L to R: Sherrita Jones (NCUA), Lynda Milton, Leon Sanders, and Steven Schwartz

While the examiners are looking at areas of the CU business, large abnormalities can be indicators of something to look at or watch. NCUA wants to make sure CUs have the capacity to realize growth and that the foundation of the product or service offered is strong enough to support the growth.

Sherita Jones, from the NCUA's Office of Small Credit Union Initiatives, spoke to attending credit unions about the free services available to Small CUs through the NCUA. Those credit unions must meet certain criteria, as follows:

  • Small (<$50 million)
  • Low-income designated
  • Minority depository institutions (MDI)
  • Newly chartered
  • Organizing groups

The available free services for qualifying credit unions are consulting, training, partnerships and outreach, grants and loans, and resource development. Follow this link for more information on the Office Small Credit Union Initiatives and how it can benefit your credit union.

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