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2021 NCUA Supervision Priorities

January 15, 2021 12:46 pm

By Donya Parrish, MCU VP- Risk Management

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 adds a few like the CARES Act (COVID relief) and LIBOR Transition that they see impacting risk, and rounds it out with discussions on Consumer Protection and serving hemp-related businesses.

The letter is an excellent resource to understand topics they may be bringing up during your credit union’s exam. There are also links to relevant resources on each 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. They also note the agency’s continued role in providing guidance as the pandemic continues to impact our nation and the credit unions they serve. If the pandemic continues into mid-year, it is possible we may see additional guidance.

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