As Prepared for Delivery on June 25, 2020
Thank you, Mr. Chairman.
It is important to note that the NCUA Board Members and staff have worked diligently to modernize the agency’s examination process over many years. Much credit for these efforts goes to the thoughtful work of former NCUA Board Chairs Mike Fryzel, Debbie Matz, and Rick Metsger who each championed prudent exam modernization while ensuring the safety and soundness of the National Credit Union Share Insurance Fund and the credit union system.
As far back as the May 19, 2016, NCUA Board Meeting, now Executive Director Larry Fazio and I, discussed virtual-examinations. In my February 2017 remarks to the CUNA Governmental Affairs Conference, I noted the importance of virtual-examinations. Also, in the NCUA budget, adopted in November 2017, we allocated agency resources to the exploration, research, and development of a virtual-examination program that we have pursued since that time.
Most importantly, NCUA staff members have worked tirelessly over the past several years to develop and implement an examination modernization program with an evolving virtual-examination component. I wish to express my sincere thanks to my former Board colleagues and the NCUA staff for their contributions to these projects.
Exam modernization, in general, and virtual-examinations, in particular, are not new ideas at the NCUA. I welcome Chairman Hood’s enthusiasm for these long-standing bipartisan initiatives.