Changes to regulatory requirements for federally insured credit unions’ annual supervisory committee audits, adopted by credit unions’ federal regulator last month, are set to take effect Jan. 6, according to a Federal Register notice published Monday.
The final rule, adopted by the National Credit Union Administration (NCUA) Board Sept. 19, implements recommendations outlined in the agency’s Regulatory Reform Task Force’s regulatory reform agenda and, the agency says, will provide additional flexibility to federally insured credit unions (FICUs).
The board is replacing the Supervisory Committee Guide with a simplified appendix to the agency’s rules on the supervisory audit requirement; eliminating two audit types that FICUs seldom use; and eliminating a specific deadline for outside, compensated persons to deliver written audit reports to FICUs.
Reg lookup: Supervisory Committee Audits and Verifications