The NCUA announced Monday in a Letter to Credit Unions (20-CU-05) that all NCUA examinations will take place offsite through May 1 and this offsite policy will remain in effect until further notice. According to NCUA, it will reevaluate this approach through the duration of the coronavirus disease (COVID-19) pandemic and will notify credit unions of any changes.
The letter also notes examiners will consider the extraordinary circumstances credit unions are facing when reviewing a credit union’s financial and operational condition over the coming months.
NCUA’s order of priorities are:
The letter also outlines key procedures for how the NCUA will conduct examinations during the COVID-19 pandemic.