NCUA details 2014 exam focus
Jan. 13, 2014 – NCUA examiners will be focusing especially on credit unions’ risk mitigation measures in the year ahead, with an eye trained as well on potential risk to the National Credit Union Share Insurance Fund, the agency said.
NCUA details its 2014 supervisory focus in Letter 14-CU-02, released Friday. Cybersecurity threats, money services businesses and private student lending will be among the top risks examiners review in their evaluations. Compliance with new rules is also highlighted.
NCUA also says it will be looking to reallocate resources “more efficiently and effectively.”
Carrie Hunt, NAFCU’s senior vice president of government affairs and general counsel, said NAFCU hopes that the agency is able to deliver on its promise of a more streamlined, more clear exam process.
“NCUA’s exam focus is going to be more stringent than ever in the coming year," Hunt said. “We think it bears repeating: Enough is enough. NAFCU will be closely watching the exam process as the year progresses and advocating on behalf of member credit unions for consistent, fair examinations that advance the goal of safety and soundness without hindering credit unions’ ability to serve members.”
NCUA Letter 14-CU-02