The NCUA board voted Thursday to adopt the agency’s strategic plan for 2017-21 that includes updating the agency’s performance goals for examinations.
As part of its efforts to modernize the examination process, NCUA removed two existing performance goals that measured annual exams: to examine all federal credit unions annually, and to examine all federally insured state credit unions with assets above $250 million annually.
NCUA Chair Rick Metsger noted that while this change does not immediately change the examination cycle for credit unions, it does set the stage for later improvements. This includes the recommendation to the board by NCUA’s working group on exam flexibility, which is expected report to the board in September.
“This change will give our regional offices greater flexibility to schedule exams when they are needed, and when they make the most sense, rather than basing them on an arbitrary calendar-year requirement,” Metsger said, adding that how and when the agency further changes the exam cycle will come after the working group makes its recommendation to the board.
CUNA has launched its own website to serve as a repository for information and updates on the supervisory improvement process. It will be updated with additional information as the process progresses.
The site currently contains: