July 12, 2019

NAFCU asks NCUA for update on exam modernization efforts

NCUA buildingNAFCU, in a letter sent yesterday, requested that the NCUA provide “periodic updates and opportunities for credit union feedback and engagement," on the agency's implementation of ongoing examination modernization initiatives.

"These changes have the potential to reduce regulatory burden for credit unions and create cost-savings for both the industry and the NCUA," wrote NAFCU's Director of Regulatory Affairs Ann Kossachev.

Kossachev specifically asked for more information on the agency's Office of National Examinations and Supervision's data-driven continuous supervision model and the Enterprise Solution Modernization, including the proposed replacement for the Automated Integrated Regulatory Examination System (AIRES), to ensure that credit unions can sufficiently prepare.

NAFCU has a roundup of NCUA exam resources available here.