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In a recent National Credit Union Administration (NCUA) Letter to Credit Unions the agency outlines changes to the examination scheduling policy for healthy credit unions with less than $1 billion in assets that went into effective Jan. 1 of this year.
Approved by the NCUA Board in November, the changes will allow the NCUA to:
Examinations for those federal credit unions meeting eligibility requirements for an extended cycle will begin between 14 and 20 months from the prior examination completion date. Examinations for all other federal credit unions will begin between 8 and 12 months from the prior examination completion date.
Federally insured state-chartered credit unions with assets greater than $1 billion; CAMEL rating 4 or 5 with assets greater than $50 million; or with a CAMEL rating 3 with assets greater than $250 million will receive NCUA exams that will begin between 8 and 12 months from the prior examination completion date.
NAFCU continues to call for an extended exam cycle for all well-run, healthy credit unions regardless of asset size.
To learn more about the changes read the Letter to Credit Unions. Should you have any additional questions, contact our credit union CPAs.
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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