Lobby of the NCUA.
The NCUA board approved a proposed rule Thursday that would amend the supervisory committee audit regulation for federally insured credit unions.
The proposal would replace the current optional audit process contained in the agency Supervisory Committee guide with a targeted list of minimum procedures.
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The proposal also would eliminate the current 120-day time limit for receiving a third-party audit report. Instead, credit unions would be able to negotiate a delivery date.
The NCUA board also received a staff briefing on an inter-agency flood insurance rule.
The new rule, as adopted by the NCUA, allows credit unions to rely on an insurer's written assurances that the requirements for flood insurance has been met. In addition, the rule clarifies that, under certain conditions, financial institutions may accept private flood insurance policies that do not meet federal criteria.
And the rule allows credit unions to accept certain flood coverage offered by mutual aid societies, subject to agency approval.
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