WASHINGTON - Seeking to provide additional oversight of troubled credit unions during the recession, the NCUA has established a team of examiners that the agency hopes will "enhance the supervisory process."
The seven-member National Examination Team, which will add more specialists as needed, will concentrate on the most difficult cases of credit unions especially badly hurt by the housing crisis and the impact of high unemployment among their members.
In addition to supervising troubled credit unions, whom the team will examine until they have dealt with their problems, the examiners will also be permanently responsible for the examination and supervision of approximately 10 large and more complex institutions.
NCUA Chairman Michael E. Fryzel said that the "knowledge, skill, and experience of NET members will enable them to quickly identify complex problems, recommend appropriate corrective actions and thereby improve the overall quality of NCUA supervision during a very volatile period for all financial institutions, including credit unions."
The agency unveiled the team during public discussions of the budget which took effect on January 1.