ALEXANDRIA, Va. (May 26, 2016) – Credit unions have an opportunity to assist the National Credit Union Administration in efforts to modernize the agency’s examination and supervision program.
NCUA has begun a multi-pronged outreach effort to collect experiences and ideas from credit union system stakeholders through the Exam Flexibility Initiative. This initiative will include meetings and teleconferences, and the agency has already opened an email account for credit unions to provide comments, ExamFlexibility@ncua.gov, and created a webpage to provide information about the initiative, available online here.
“We are committed to continual quality improvement and, in particular, to modernizing the examination process, the agency’s largest function,” NCUA Board Chairman Rick Metsger said. “More than 102 million account holders trust us to protect their hard-earned money, so our program needs to continue to be as effective as we can make it, but it also needs to be efficient for credit unions. I’m looking forward to a thoughtful dialog with stakeholders on how we can improve this program, place fewer burdens on credit unions and protect members’ deposits.”
Metsger announced May 12 that NCUA would begin reviewing the examination process, including the frequency of examinations, through the establishment of an internal working group, which will include representatives from all five of the agency’s regional offices and its central office. Region IV Director Keith Morton is leading the effort.
NCUA presented five questions for credit unions to consider to help stimulate this discussion:
Metsger has said he wants to make changes to the examination process “sooner rather than later.”
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