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In webcast, CUs get clarity on exams, audit report access
The NCUA last year recommended that examiners obtain audit reports directly from independent auditors instead of credit union management to avoid potential manipulation. During a NAFCU webcast yesterday, credit union attendees learned that the NCUA will be providing additional guidance on this process.
The webcast, "NCUA Examination and Insurance Update" was led by TimSegerson, deputy director of examination and insurance at NCUA. Segerson provided viewers with an in-depth analysis of what credit unions should expect during an examination and emerging risks for credit unions and the U.S. depository institutions sector.
To help ensure a smooth exam process, Segerson recommended that credit unions create an open line of communication with examiners. "Credit unions should reach out to their examiners ahead of time, to make sure there are no issues when the examiner arrives on site," he said.
As noted in a 2016 NCUA inspector general report, Segerson said the NCUA will work with a credit union's supervisory committee to ensure a fair, honest examination process. He emphasized this is not an indictment of management but an extra precaution to ensure transparency among the credit union, the audit firm and the NCUA.
During the webcast, Segerson also updated attendees on NCUA's goals on cybersecurity, Bank Secrecy Act (BSA) compliance, internal controls and fraud prevention, interest rate and liquidity risk and commercial lending.
Yesterday's webcast was sponsored by NAFCU Services Corporation's 2016 Innovation Award Winners.
All of NAFCU's webcasts begin at 2 p.m. Eastern and remain are available on demandfor 12 months following their live broadcast.
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