CUNA sets strategy to impact exam system modernizations
CUNA will be at the forefront of the conversation as the NCUA commences a comprehensive modernization of its examination system. CUNA has designed a long-term strategy that will include such things as providing input to the agency and ensuring that member credit unions have the information they need to stay abreast of the latest developments.
Similar to its advocacy approach on risk-based capital, CUNA will initiate a number of steps in the near future, including creating a new website that will serve as a one-stop shop for information, data and analysis of the changes.
“It is important that at the end of what could be a multi-year process, we end up with a system that reduces the burden on credit unions, properly modernizes the overall supervisory process and results in an overall stronger credit union system,” said Ryan Donovan, CUNA’s chief advocacy officer.
NCUA Chair Rick Metsger announced a working group focused on exam flexibility will be formed, chaired by Region 4 Director Keith Morton. Metsger said at the NCUA’s May board meeting that he expects the group to bring a recommendation to the board within 120 days.
As part of its regular dialogue with the agency on supervisory issues, CUNA met Thursday with Larry Fazio, director of the NCUA’s Office of Examination and Insurance. During the meeting, CUNA discussed the agency’s recent announcement and the complexities that come with a complete modernization of examination procedures.
Future steps CUNA will take include engaging leagues, credit unions, CUNA’s committee, vendors and more.
CUNA’s Examination and Supervision Subcommittee will produce a guiding principles document for review and adoption by CUNA’s Advocacy Committee.
The NCUA will issue a request for comment in the coming days about call report modernization, and future agency projects include the Enterprise Solutions Modernizations Program, which will include upgrades and enhancements to the call report system, AIRES, CU Online and others.