NCUA seeks comment on strategic plan, 18-month exams possible
ALEXANDRIA, Va. (1/22/16)-- Credit unions will have their chance to comment on the National Credit Union Administration’s (NCUA) strategic plan for 2017-21, as voted by the NCUA board at Thursday’s meeting.
The plan is designed to summarize factors that affect the agency and the credit union system, evaluate NCUA programs and risks, and provide agency goals and objectives for the next five years.
During the board discussion, NCUA Chair Debbie Matz commented that the agency is exploring moving away from an annual examination cycle for certain credit unions.
“As we look forward to 2017, I want to reassure stakeholders that NCUA is not locked into an annual exam cycle every year,” she said. “We may consider moving back to an 18-month exam cycle for credit unions that pose less risk to the share insurance fund, and we are exploring that possibility.”
Deputy Chief Financial Officer Peggy Sherry said the strategic plan contains objectives to identify, measure and monitor risks to the share insurance fund through the agency’s examination program. The plan contains specific indicators that will be measured quarterly to assess the needed frequency of exams.
According to Sherry, this will give the NCUA the ability to adapt to changes in the exam cycle, should it be altered.
According to the NCUA, all comments on the strategic plan are welcome, but the agency is especially interested in comments and input on the goals and objectives of the strategic plan.
Those goals are to:
Ensure a safe and sound credit union system;
Promote consumer protection and financial literacy; and
- Cultivate an inclusive, collaborative workplace at NCUA that maximizes productivity and enhances impact.
Comments will be due 60 days after the plan is published in the Federal Register, which should be in the coming days.