ALEXANDRIA, Va. (1/7/15)--Cybersecurity, interest-rate risk and Bank Secrecy Act (BSA) compliance head the National Credit Union Administration's supervisory priorities for 2015. This is according to a letter (15-CU-01) sent Tuesday to federally insured credit unions.
According to the NCUA, the letter is intended to assist credit unions in preparation for 2015 examinations, and states "as always, agency field staff will be focusing on areas of highest risk in the credit union system and compliance with new regulations."
The priorities are:
The agency also released what types of exams federal credit unions will be subject to, by CAMEL rating and asset size.
Credit unions with less than $30 million in assets and a CAMEL rating of one, two or three will see a defined-scope examination. Credit unions at that asset level and CAMEL rating of four and five will face additional reviews as necessary to appropriately supervise the risk.
Credit unions with between $30 million and $50 million in assets with a CAMEL rating of one, two and three will face a defined-scope examination, which will be chosen by the region. Institutions with between $30 million and $50 million with CAMEL ratings of four and five will face a risk-focused examination.
All federal credit unions with more than $50 million in assets will be subject to a risk-focused examination to ensure examination scope requirements are met.