ALEXANDRIA, Va. (Dec. 12, 2018) – On Jan. 1, 2019, the National Credit Union Administration and six state credit union regulators will launch an alternating examination pilot program for a select group of federally insured, state-chartered credit unions.
The NCUA has posted frequently asked questions (opens new window) about the pilot program on its website. Additional information specific to each state’s program will be available in the near future. The six participating state regulators are the California Department of Business Oversight, the Florida Division of Financial Institutions, the New Hampshire Banking Department, the Oklahoma State Banking Department, the South Carolina Office of the Commissioner of Banking, and the Texas Credit Union Department.
The pilot will evaluate three alternating examination program approaches:
The pilot program, based on recommendations in the 2016 Exam Flexibility Initiative report (opens new window), will run for one full alternating cycle, approximately three years. It will help the NCUA and state regulators determine how an alternating examination program could improve coordination and make the best use of federal and state resources.
The pilot program is the result of ongoing work by a joint NCUA-State Supervisor working group comprised of representatives from the NCUA, several state regulators, and the National Association of State Credit Union Supervisors. The working group studies ways to improve supervisory efficiencies, maintain a sound supervisory program, and reduce the burden on federally insured, state-chartered credit unions.
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