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Recently the National Credit Union Association (NCUA) issued the Letter to Credit Union No. 14-CU-02 highlighting the areas that federally insured credit unions should put a concretive focus on for 2014. This comes as a result of NCUA’s on-going efforts to help credit unions identify and mitigate potential future risks threatening institutions or the Share Insurance Fund. Read more to find out where the supervisory focus should be this year.
When NCUA’s field staff is at your credit union for its examination this year they will be validating that the institution is properly managing 4 key risks:
Keeping up with the ever-changing regulatory environment that credit unions operate in can be tough. Make sure you have put the proper measurements in place to be in compliance with the key provisions of these new regulations:
In order for the NCUA examination staff to diligently focus their time on the most relevant risks areas affecting your credit union, the NCUA developed a new policy to broaden its exam scope. It will provide guidance to the staff to which areas are required to be reviewed, recommended, but optional, and other areas to consider.
Don’t procrastinate – make sure your have the right policies, procedures and controls in place today to avoid an unfavorable exam this year.
To learn more about areas of risks, new regulations and the 2014 examination processes, download the NCUA Letter to Credit Unions 14-CU-02. If you have additional questions how this might impact your credit union’s current operations, please contact our Financial Institutions Group specialists in Michigan, Houston or Ft. Lauderdale.
Source: NCUA Letter to Credit Unions 14-CU-02
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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