The National Credit Union Association announced Thursday a program to hear comments from credit union stakeholders called the Exam Flexibility Initiative.
The initiative will consist of teleconferences, meetings and an official email account for comments —
NCUA Board Chairman Rick Metsger announced on May 12 that the association would begin taking a closer look at the examination process.
The internal working group assigned to review the process will consist of representatives from all five regional offices and its central office. The internal analysis will be headed by Region IV Director Keith Morton.
NCUA presented five questions for CUs as a starting point for the discussion:
- How can NCUA conduct future examinations in ways that minimize their impact on credit unions' operations?
- What concerns do credit unions have about the current examination and supervision program?
- What steps should NCUA take to improve the efficiency of its examination program while ensuring it remains effective?
- How can NCUA better use technology in examinations?
- What metrics should NCUA consider to determine a credit union's eligibility for an extended examination cycle?
"I'm looking forward to a thoughtful dialog with stakeholders on how we can improve this program, place fewer burdens on credit unions and protect members' deposits," Metsger said in a statement, adding that he hopes to make changes to the examination process "sooner rather than later."
