2019 NCUA Supervisory PrioritiesJanuary 16, 2019 7:30 am
By Donya Parrish, MCU VP- Risk Management
NCUA released their 2019 supervisory priorities letter this week. It is always a good indicator of the areas examiners will focus visits on and should be of interest to you in your board member role. The board has general oversight of many of the programs listed.
On the list this year are many familiar topics like BSA Compliance, Interest Rate Risk and Liquidity, CECL, and Cybersecurity. Of particular note is the inclusion of Consumer Compliance that specifically mentions the Military Lending Act, Reg B compliance (fair lending), and HMDA.
If you need a refresher on BSA Compliance, especially more recent changes like the enhanced member due diligence and beneficial ownership that will be a focus of 2019 exams, visit our Director Training Tools page.
NCUA’s supervisory letter includes links to resources that the agency finds useful on the various topics. I would encourage you to discuss all the priorities to see where your credit union stands on each of them.
In discussions with us, the Montana Division of Banking has indicated that it will have a similar focus, with the addition of internal controls in credit unions with less than $50M in assets.
Comments are closed here.