NCUA issues off-site exam and supervision letter

Federal Issues NCUA Examination Supervision Credit Union Covid-19

In March, the NCUA issued a release expanding its March 16 off-site policy by extending off-site examinations through May 1. In the release, the NCUA outlined its top three priorities during the Covid-19 pandemic, which include: (i) “credit unions experiencing significant financial or operational problems”; (ii) outreach by examiners to all credit unions regarding “the institution’s operational and financial status” during the pandemic; and (iii) the continuation of off-site examinations. The NCUA added that “[i]f credit unions are occupied with addressing the impact of the COVID-19 pandemic on their operations, employees, and members, they should not be required to address an offsite examination request unless it is a serious or time-sensitive matter.”