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NAFCU discusses supervisory activities, liquidity efforts with NCUA
NAFCU Friday spoke with the NCUA’s Office of National Examinations and Supervision Director Scott Hunt to discuss how the agency's supervisory activities have adapted to the challenges created by the coronavirus pandemic and shift to virtual exams.
Executive Vice President of Government Affairs and General Counsel Carrie Hunt, Chief Economist and Vice President of Research Curt Long, and Senior Counsel for Research and Policy Andrew Morris represented NAFCU during the teleconference meeting.
Additionally, the group discussed credit union capital and liquidity, along with agency efforts to assist credit unions. NAFCU has continuously urged the agency to grant additional capital flexibility and provide parity with banks since the onset of the coronavirus pandemic and has led efforts to ensure credit unions and their members benefit from a modern capital regime.
NCUA Chairman Rodney Hood recently discussed the agency's efforts to provide credit unions with the flexibility needed to serve members throughout the pandemic during NAFCU's Virtual State of the Industry event. Hood's remarks are available to watch on-demand online and on the event app.
Last month, the NCUA detailed its multi-phase approach to resuming on-site operations and conducting voluntary on-site examinations via a Letter to Credit Unions. The agency also indicated that it will continue to monitor the pandemic and notify credit unions of any changes to procedures and examination protocols. Credit unions are encouraged to contact their regional office with any questions.
NAFCU has consistently pushed the NCUA for updates on exam modernization and President and CEO Dan Berger has called on the agency to provide additional examination flexibility and make other regulatory adjustments to ensure credit unions can focus on helping members during the pandemic.
He also discussed exam relief in conversations with Hood, and Board Members Todd Harper and J. Mark McWatters.
NAFCU previously met with Hunt earlier this year to discuss the NCUA's 2020 supervisory priorities, which included an update on its exam modernization efforts.
The association will continue to engage with the NCUA and continue to support exam modernization and efficiency efforts to ensure credit unions have the tools they need to effectively serve their members.