The Federal Financial Institutions Examinations Council, of which the NCUA is a member, on Friday announced best practices for requesting examination information from supervised entities, and a common authentication solution for secure access to the FFIEC members’ supervision systems.

In a statement, the FFIEC presented the results of the final phase of the Examination Modernization Project, in which FFIEC members addressed the feedback provided by supervised entities regarding examination requests and authentication requirements for FFIEC members’ supervision systems.

The objective of the Examination Modernization Project was to identify and assess improvements to the effectiveness, efficiency, and quality of examination processes with respect to community financial institutions and to minimize regulatory burden.

The results of the final phase concluded that the FFIEC members:

• developed and committed to implementing principles for examination information requests; and
• developed a common authentication mechanism for external access to the FFIEC members’ respective supervision systems.

The FFIEC also concluded that the initiatives represent the completion of the Examination Modernization Project, and in line with the mission of the FFIEC, its members remain committed to reviewing and improving examination processes.