The NCUA is now soliciting suggestions and ideas from the credit union community as part of its wider effort to review the entire exam process, the agency announced Thursday.
The outreach effort, called the Exam Flexibility Initiative, will include teleconferences and meetings. And the NCUA has created a web page and a specific email address, [email protected], for stakeholders who wish to comment.
The agency is seeking reactions to several issues, including how it can determine whether a credit union should be eligible for an extended examination cycle.
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"We are committed to continual quality improvement and, in particular, to modernizing the examination process, the agency's largest function," NCUA Board Chairman Rick Metsger said.
He said that while the NCUA needs to effectively protect members' money, the agency's programs should also be efficient for credit unions.
Metzger announced on May 12 that the NCUA will be studying the examination process through an internal working group headed by Region IV Director Keith Morton.
In soliciting opinions about the examination process, the NCUA said it would like credit unions to address how future examinations can minimally impact institutional operations, as well as concerns about the current examination and supervision process. In addition, the agency is asking credit unions how the NCUA can improve the efficiency of its examination process while still remaining effective, and how technology can be used in the process.
In regard to examination frequency, NCUA Director of the Office of Examination and Insurance Larry Fazio said last week one goal would be to access more information online, with the 12 to 18 month exam cycle possibly becoming a thing of the past.
And Metzger announced earlier this month that within the next few months, the NCUA intends to remove the requirement that all federally insured, state chartered credit unions with more than $250 million in assets be examined each calendar year.
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