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LAS VEGAS – No credit union wants to find itself in the position of being audited by NCUA, but the process can be less painful if a credit union knows the correct steps to take and what the agency is looking for.

Speaking in a session on “Preparing for an NCUA Audit” at CU Direct’s 2006 Annual Symposium, NCUA Region 5 Regional Director Melinda Love cited some stark data about the 13 states in Region 5 to explain why the agency is concerned about credit unions’ indirect lending activities: Region 5 holds 45%-$28 billion-of the total U.S. indirect lending for credit unions. That includes $12 billion in California alone. In addition, she said, there are 200 credit unions in Region 5 whose indirect loan portfolio is more than 25% of their total loan portfolio.

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