By Donya Parrish, VP- Risk Management, MCU
NCUA just released their Letter to Credit Unions with the list of “hot topics” for exams in the 2021 year. The list contains some topics we have seen regularly — Bank Secrecy Act, Credit Risk, Cybersecurity, and Liquidity. It also has a few like the CARES Act (COVID relief) and LIBOR Transition that the agency believes impacts risk, and also includes discussions on Consumer Protection and serving hemp-related businesses.
As board members, you may not need to be well-versed in all the topics of discussion, but the letter is a good resource for you to review if you want an overview of topics your examiner(s) may bring up during your credit union’s exam. There are also links to relevant resources on each topic if you do want more detail.
Lastly, the letter ends with a discussion of the modernization efforts NCUA is undertaking in their exams to gain efficiency and notes the agency’s continued role in providing guidance as the pandemic continues to impact our nation and the credit unions they serve. Give it a read, and let me know if you want to hear more about any of the above topics in upcoming blogs.