Written By JiJi Bahhur, Regulatory Compliance Counsel
NCUA’s New Office of National Examinations and Supervision. During NAFCU’s 45th Annual Conference and Exposition yesterday, Debbie Matz, NCUA’s Board Chairman, announced the creation of an Office of National Examinations and Supervision, starting on January 1, 2013. The creation of the new office is part of a reorganization attempt to reallocate existing resources to focus on the largest credit unions and protect the share insurance fund from losses.
Matz stated that the supervision required for a small credit union is not appropriate for a larger credit union. The reorganization will enhance oversight on credit unions with more than $10 billion in assets and also assume supervision over corporate credit unions.
NCUA’s Media Release provides a breakdown of where NCUA’s examination hours are currently spent. It shows that credit unions with more than $1 billion in assets comprise 47 percent of the industry assets and yet only 10 percent of examination hours are received in that category. With the creation of the new office, NCUA will concentrate more hours and attention to these larger credit unions in order to address the imbalance. The reallocation of resources will mean that NCUA will spend less time with well-performing small credit unions.
For the full text of Matz’s speech, given at NAFCU’s 45th Annual Conference and Exposition, go here. For more information on the Office of National Examinations and Supervision, go here.
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NCUA’s July Economic Update. NCUA’s July Economic Update is free and available on YouTube. The video reviews the latest in economic trends and how they are affecting the credit union industry. July’s focus was on consumer installment credit, auto loans, and consumer spending. It also covered recent developments in the housing market and employment sector and the potential risks to the economy.
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