CUs briefed on exam process, salary trends
July 25, 2014 – NCUA's Larry Fazio discussed differences in the agency's use of certain supervisory tools during an educational breakout session Thursday with NAFCU Annual Conference attendees on the examination process.
Fazio, NCUA's director of examination and insurance, gave the breakout session group a run-down of initiatives the agency has completed under the examination report modernization program outlined in Letter to Credit Unions 13-CU-09.
One of the key items on that to-do list was to separate Documents of Resolution from the Examiner Findings report. Fazio said DORs now are used for "more material" findings, with the rest addressed in the findings report. He also said that in carrying out exams of credit unions, NCUA is focused on catching the activities that cost the share insurance fund the most – fraud, credit and lending problems and recordkeeping. "We're going to focus on these three areas," he said.
|From left: Fred Eisel, Scott Knapp and John Worth.|
Some exam program initiatives, focusing on small-credit-union exam techniques and updated examiner's guide, among others – are still in process, he said.
In other sessions this week:
• key economic indicators and trends in interest-rate risk were detailed in Thursday's Credit Union Economics Group Panel with NCUA Chief Economist John Worth, CUNA Mutual Director of Investment Scott Knapp and First Carolina Corporate CU Senior Vice President and Chief Investment Officer Fred Eisel, moderated by NAFCU Senior Economist Curt Long;
• opportunities from health savings accounts and other plans in relation to Obamacare were discussed in a panel session Thursday featuring Kevin Boyles of Ascensus (a NAFCU Services Preferred Partner);
• compliance challenges and to-dos under the TILA-RESPA combined mortgage disclosures rule, set to take effect in August 2015, were explained by credit union attorney Andy Keeney, a partner of Kaufman and Canoles PC in a breakout session held Wednesday; and
• results of the 2014 senior executive compensation and benefits survey by NAFCU and Burns-Fazzi, Brock were shared in a session Wednesday led by Jack Clark of Clark Research Associates, which conducted the survey.
Get daily updates.
Subscribe to NAFCU today.