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NAFCU 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 met Friday with NCUA Office of Examinations and Supervision Director Scott Hunt to discuss the agency's exam modernization efforts and 2020 supervisory priorities.

The NCUA earlier this month released its 2020 supervisory priorities, which include Bank Secrecy Act (BSA) compliance, current expected credit loss (CECL) standard implementation reviews, credit risk, cybersecurity, the London Interbank Offered Rate (LIBOR) transition, liquidity risk, and consumer financial protection regulations.

In addition, the priorities included an update on its exam modernization efforts, noting that its pilot user portal, NCUA Connect, will become available to all credit unions and state regulators this year. In the second half of 2020, the agency will also release the Modern Examination and Risk Identification Tool (MERIT) to all examination staff.

A recent NAFCU Compliance Blog post further explains the NCUA's supervisory priorities and what credit unions can expect during examinations this year.

NAFCU has met with NCUA Chairman Rodney Hood, Board Member Todd Harper, and senior staff in exam-related offices to discuss credit unions' exam concerns. The association in July requested the NCUA provide periodic updates on its exam modernization initiatives and recommended additional efforts while testifying on the agency's 2020-2021 budgets.

The association will continue to support exam modernization and efficiency efforts to reduce credit unions' regulatory burdens.