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NCUA Board Chairman Rodney Hood Wednesday detailed ongoing efforts to modernize the dual-chartering and supervisory system, as well as to reduce credit unions' regulatory burdens. These coordinated efforts by the NCUA and state regulators are meant to ensure the safety, soundness, efficiency and innovativeness of the industry, Hood said.

NAFCU has myriad resources on NCUA exams available. In addition to recommending that the NCUA expand eligibility for an extended 18-month exam cycle for all well-run, low-risk credit unions, the association has also urged the NCUA to reconsider its approach to supervision and also better coordinate resources and expertise with other regulators, including state supervisory authorities. The association last month also asked for an update on the agency's exam modernization efforts.

As part of the NCUA's examination flexibility initiative, the agency in 2017 formed a state supervisor working group comprised of NCUA senior staff and representatives from six state credit union regulators.

Hood provided an update on the working group's progress, which is now working to identify improvements in coordination and cooperation between the NCUA and state regulators when conducting joint exams or supervision.

Hood made the comments at the National Association of State Credit Union Supervisors' (NASCUS) State System Summit meeting, during which he and NASCUS Chairman John Kolhoff signed a Document of Cooperation "pledging continued coordination between state and federal regulators within the credit union dual chartering system," a release from the NCUA said.