With the NCUA’s announcement Thursday that it will take a thoughtful look at the examination process, CUNA hopes that this will eventually lead to an extended examination cycle, which would give much needed regulatory relief to credit unions. NCUA Chair Rick Metsger said the first step is removing the requirement that credit unions are examined each calendar year, which he hopes to do within the next two months.
Metsger also announced that the NCUA would form a working group on examinations, similar to the one the NCUA formed to discuss field-of-membership issues. The goal of this group, Metsger said, is to make further changes to the examination process “sooner rather than later.”
CUNA will engage its members and its Examination and Supervision Subcommittee to ensure that stakeholder feedback on extending the exam cycle is collected and submitted to the working group.
In addition to the working group, Metsger said several technology enhancements, including updates to the call report, AIRES and the agency’s Enterprise Modernization Program, should help examiners collect more data without making onsite visits.