Removing Barriers Blog

NCUA Writes Letter to Credit Unions on 2020 Supervisory Priorities Updates

The NCUA penned a letter to credit union boards and CEOs regarding updates to their 2020 supervisory priorities to reflect economic conditions in response to the COVID-19 pandemic, as well as various statutory and regulatory changes that have occurred since March 2020.

"With these revised priorities, the NCUA is focusing its examination activities on areas that pose elevated risk to the credit union industry and the National Credit Union Share Insurance Fund given the current environment," the letter states.

Along with updates to their policies and procedures, the NCUA will also be updating the Examiner’s Guide to include additional guidance for examiners, including review procedures for assessing the safety and soundness of credit unions. Additional information on the NCUA’s response to the pandemic is available on the agency’s Coronavirus (COVID-19): Information for Federally Insured Credit Unions and Members webpage.