First the good news: The NCUA took some steps in the right direction this week when it announced reforms to its exam process. Chairman Debbie Matz’s letter to credit unions about the changes addressed complaints I’ve been hearing for quite a while.
Responding to calls for an improved exam process, NCUA Chairman Debbie Matz Tuesday released a letter to credit union that details the agency’s plans to separate Documents of Resolution from Examiner’s Findings and include documented support for DORs.
NCUA reforms a step forward but beware the idea of march toward expanded CFPB authority.
Beginning in January 2014, DORs will include a description of material problems, along with corrective actions agreed upon by examiners and credit unions.