ALEXANDRIA, Va. (June 14, 2016) – Credit union stakeholders interested in the National Credit Union Administration’s efforts to modify supervision and examination procedures should submit comments by Aug. 1, the agency announced today.
“NCUA is on a fast track to update its examination and supervision procedures, and we want the input from as many people as possible,” NCUA Board Chairman Rick Metsger said. “I have instructed the Exam Flexibility Initiative, the internal working group studying the agency’s supervision and examination process, to deliver its recommendations to the NCUA Board in September. In order for the working group to both meet its deadline and give due consideration to all suggestions, we’re asking stakeholders to get us their thoughts as soon as possible.”
NCUA will accept suggestions received after Aug. 1, but comments received before the deadline will receive full consideration.
Comments can be sent to ExamFlexibility@ncua.gov, and NCUA has created a webpage to provide information about the initiative, available online here.
NCUA has suggested five questions stakeholders should consider when they submit comments:
- How can NCUA conduct future examinations in ways that minimize their impact on credit unions’ operations?
- What concerns do credit unions have about the current examination and supervision program?
- What steps should NCUA take to improve the efficiency of its examination program while ensuring it remains effective?
- How can NCUA better use technology in examinations?
- What metrics should NCUA consider to determine a credit union’s eligibility for an extended examination cycle?
The working group is led by Region IV Director Keith Morton and includes representatives from all five of the agency’s regional offices and its central office. The working group’s outreach to credit union stakeholders will include meetings and teleconferences.