Written by Bernadette Clair, Senior Regulatory Compliance Counsel
NCUA’s Supervisory Focus for 2014. Last Friday, NCUA released Letter 14-CU-02, detailing its 2014 examination focus. For 2014, the emphasis is heavy on risk mitigation. From the letter – “In 2014, NCUA will be working to ensure that credit unions identify and mitigate forward-looking risks before they threaten the viability of credit unions and the stability of the Share Insurance Fund.” (My emphasis.)
Specific areas of supervisory focus for 2014 include:
- Interest Rate Risk
- Cybersecurity Threats
- Money Services Businesses (MSBs)
- Private Student Lending
In addition to these specific areas of focus, the letter highlights compliance with new rules. NCUA also says it will be looking to reallocate resources “more efficiently and effectively” and describes several steps NCUA will be taking in 2014, intended to improve and streamline the exam process – let’s hope so!
The information in this letter is invaluable for exam preparation this year, so be sure to give it a read, available here.
NCUA Webinar on Exam Modernization. This month, NCUA will be hosting a free webinar on its new examination report process. The webinar will provide an overview of the changes NCUA has made to streamline and improve the consistency of the examination report process, and give participants an opportunity to get a better understanding of the new procedures related to Documents of Resolution and the examination report.
This free webinar will be held on Wednesday, January 22, 2014, at 2 p.m. EST. Register here.
Participants may submit questions in advance at [email protected]. The subject line of the email should read “Examination Modernization Webinar.”