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NCUA to provide update on exam modernization efforts during NAFCU webinar
NAFCU next week is hosting a complimentary webinar to update credit unions on the status of the NCUA's exam modernization initiatives. Representatives from the NCUA will provide an overview of the agency's Modern Examination and Risk Identification Tool (MERIT) examination platform and give important updates on the current state of the virtual examination undertaking.
NCUA Associate Regional Director Robert Parrish and Program Analysis Officer Heather Phelps will present during the webinar, happening Thursday, Sept. 10, at 2 p.m. Eastern. While the event is free, registration is required and is available now online.
Earlier this week, NAFCU Director of Regulatory Affairs Ann Kossachev shared the association's appreciation for the NCUA's progress on certain reform initiatives and urged the agency to prioritize reducing examination burden; the letter was sent in response to the agency’s request for information (RFI) on future exam modernization efforts.
Last month, the agency released a revised version of its 2020 supervisory priorities, indicating that it will focus its exam activities on areas that pose an "elevated risk" to the credit union industry. NAFCU has spoken with the NCUA's Office of National Examinations and Supervision to discuss how the agency's supervisory activities have adapted to the challenges created by the pandemic and subsequent shift to virtual exams.
The association will continue to work with the NCUA on efforts to modernize exams as the agency works to transition to a primarily virtual format.