On Oct. 30, 2019, the National Credit Union Administration (NCUA) issued a press release requesting public comment on a proposal to increase resources for large credit union compliance exams. NCUA Board Member Todd Harper is proposing the NCUA add three new full-time employees to develop and launch a dedicated consumer compliance examination program for large, complex credit unions. Currently, credit unions with total assets of $10 billion or less are examined for compliance differently than banks. NCUA focuses its exams on safety and soundness while bank regulators conduct regularly scheduled, risk-focused consumer compliance exams. Unlike the NCUA, bank regulators also assign a separate consumer compliance rating. Comments on the proposal for a dedicated consumer compliance program are due to NCUA by Dec. 2, 2019.

Author

John Zasada, JD, CAMS – Compliance Consulting Director, Financial Institutions Group. John can be reached at zasada@doeren.com.