
A letter to credit unions this week outlines the NCUA’s supervisory priorities and other updates to the agency’s examination program for 2023. The letter states that the NCUA’s focus will be on the areas posing the highest risk to credit union members, the credit union industry and the Share Insurance Fund.
The NCUA will conduct examination and supervision activities both onsite and offsite, as appropriate, while examiners will continue to conduct some examination activity offsite when the activity can be completed efficiently and effectively at credit unions that can accommodate offsite work.
The letter also states that the agency’s exam flexibility initiative will continue in 2023, which establishes an extended exam cycle for certain credit unions. The NCUA will also continue its Small Credit Union Exam Program in most federal credit unions with assets under $50 million. For all other credit unions, NCUA examiners will use the agency’s risk-focused examination procedures, according to the letter.
Further, in 2023, examiners will expand the review of credit unions’ overdraft programs, including website advertising, balance calculation methods, and settlement processes, the letter states, adding that the NCUA will evaluate any adjustments credit unions have made to their overdraft programs to address consumer compliance risk and potential consumer harm from unanticipated overdraft fees.
January board of directors meeting
The NCUA board of directors will meet at 10 a.m. on Thursday, Jan. 26. Matters to be considered include the federal credit union loan interest rate ceiling and the NCUA’s 2023 annual performance plan. The meeting will be livestreamed on the NCUA’s YouTube channel.