Report: Credit union regulator moving to remote exams as coronavirus spreads

A temporary offsite examination program “posture” is being phased in by the federal credit union regulator in response to the spreading coronavirus as the agency gets ready for a full remote exam program taking effect in no later than a week, reports indicated Monday.

CUToday.info reported that the National Credit Union Administration (NCUA), in a memo to employees Monday, stated that agency field staff will begin performing examination supervision procedures offsite this week if that is the preference of the credit unions being examined. “If a credit union does not want examiners onsite the week of March 16, 2020, examiners will not go onsite and will instead perform offsite work,” the memo reportedly stated. “If the credit union and examiner are both agreeable to performing onsite work, examiners may go onsite with SE (supervisory examiner) concurrence the week of March 16, 2020.”

The memo also stated that, if examiners choose to work onsite this week, that work “should only consist of finishing up work that must be conducted onsite for examinations in process.”

However, by March 23, the agency said, all field staff will perform offsite exam and supervision work, and will continue at least through that week. “Examiners should not plan to conduct onsite examinations until further notice,” NCUA said.

CUToday.info: NCUA Makes Changes in How Exams Are Conducte

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