At least one National Credit Union Administration (NCUA) Board Member supports more thorough credit union compliance exams by NCUA examiners. In a speech on Sept. 10, 2019, at the Women in Housing and Finance Policy Lunch, NCUA Board Member Todd M. Harper spoke on the need for improving NCUA compliance examinations and enforcement of consumer protection regulations. Mr. Harper said NCUA’s current method of examining credit unions under $10 billion in assets for compliance is not comparable to sister agencies such as the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). Mr. Harper explained that decades ago NCUA conducted full consumer compliance reviews as part of its examinations, but now focuses more on safety and soundness. Mr. Harper would like to see NCUA’s consumer protection efforts evolve to better safeguard member interests.

Author

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