An overview of NCUA’s 2020 supervisory priorities along with a round-up of accompanying NAFCU and regulator resources to help credit union compliance officers prepare for upcoming examinations.
Written by Loran Jackson, Regulatory Compliance Counsel
On January 7, 2020, the National Credit Union Administration (NCUA) issued Letter to Credit Unions 20-CU-01, explaining its supervisory priorities for 2020, which is intended to assist credit unions in preparing for this year's examination process. Although NCUA examines for overall safety and soundness, and compliance with all relevant regulations, NCUA has identified a few areas of focus for this year’s examinations: Bank Secrecy Act (BSA) compliance, credit risk, current expected credit loss (CECL), cybersecurity, LIBOR cessation planning, liquidity risk and consumer financial protection compliance. NCUA also provided an update about its ongoing efforts for examination modernization and confirmed that all qualifying credit unions will continue to be scheduled under the extended examination cycle.
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