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May 26, 2016

NCUA seeks CUs' input on exam modernization

NCUA Board Chairman Rick Metsger on Thursday asked for credit unions' input regarding the agency's efforts to modernize the examination and supervision program – a move praised by NAFCU as the association continues to push for extended exam cycles for well-run, healthy credit unions.

"NAFCU's members welcome the opportunity to comment and provide insight on the agency's modernization efforts regarding supervision and examinations," said NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt. "The association has repeatedly asked the agency to make an extended exam cycle a high priority."

NCUA has begun an outreach effort to collect ideas from credit union stakeholders through the Exam Flexibility Initiative. The agency has also set up an email address where credit unions can send comments, ExamFlexibility@ncua.gov, and a webpage to provide information about the initiative. The agency also presented five questions to help credit unions form appropriate feedback for NCUA, including:

  • How can NCUA conduct future examinations in ways that minimize their impact on credit unions' operations?
  • What concerns do credit unions have about the current examination and supervision program?
  • What steps should NCUA take to improve the efficiency of its examination program while ensuring it remains effective?
  • How can NCUA better use technology in examinations?
  • What metrics should NCUA consider to determine a credit union's eligibility for an extended examination cycle?

During NCUA's open board meeting earlier this month, Metsger, discussing call report modernization and the exam cycle, said he hopes to see the calendar-year exam cycle addressed in a strategic plan update this summer. He said the board could vote by July 2 to eliminate strict calendar-year exams for all federal credit unions and for federally insured state-chartered credit unions with more than $250 million in assets.

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