ALEXANDRIA, Va. - The National Credit Union Administration issued a proposal on Oct. 18 to beef up its audit regulations.

The proposal, open for comment for 60 days, will expand the scope of audits, increase the regulator's access to work papers, and establish new penalties for noncompliance.

The plan tries to address "practical enforcement problems in the existing regulation, some of which have arisen through the examination process and others of which have arisen in litigation and in negotiating settlements," said the memorandum accompanying the proposal.

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