NCUA Chairman Rodney E. Hood outlined the agency’s 2020 supervisory priorities in a letter to federally insured credit unions on Jan. 7. He also provided updates on regulations as well as the agency’s modernization programs.
The agency’s supervisory areas of focus include:
- Bank Secrecy Act and anti-money-laundering compliance;
- consumer financial protection;
- cybersecurity;
- credit risk and liquidity risk;
- continuing to monitor the implementation of the new standard for current expected credit losses, or CECL; and
- planning for the transition from the London Interbank Offered Rate, or LIBOR, as the benchmark for setting interest rates.
Hood’s letter also includes details about the NCUA’s modernization efforts, including the planned general release of NCUA Connect, the agency’s new user portal, and MERIT, its new examination platform.
Finally, Hood provided statutory and regulatory updates, including additional guidance on serving legal hemp businesses; changes in the appraisal threshold for commercial real estate transactions; the amended supervisory committee audits rule, which took effect Jan. 6; and the amended public unit and nonmember shares rule, which takes effect Jan. 29.
The full letter is available on NCUA’s website.