On-site, voluntary examinations of credit unions will be phased in, reportedly beginning as soon as early next month, their federal regulator said in a letter Thursday.
In its Letter to Credit Unions 20-CU-20, “Phased Approach to On-site Operations,” the National Credit Union Administration (NCUA) outlined its approach to resuming on-site operations, both at NCUA offices and at credit unions.
The agency had suspended on-site operations earlier this year in response to the growth of the coronavirus pandemic.
“In the transition plan’s first phase, we may begin conducting voluntary on-site examinations,” the agency wrote. “We will communicate specific implementation details before we begin the first phase. During the first phase, the NCUA will continue to encourage both field and office staff to work remotely when possible and has placed prudent limits on the number of staff working in our offices.”
Regarding staff returning to NCUA offices, the agency said it would implement social distancing and other precautionary measures in its offices to ensure the health and safety of its staff. “Additional precautionary measures will include the distribution of appropriate protective supplies to both field and office staff,” NCUA wrote.
The agency also said it would “continue to coordinate examination and supervision efforts with state supervisory authorities during this time.”
Reportedly, the on-site transition plan may begin as early as July 6, but there is flexibility to delay implementation to a later date if necessary. Onsite examinations are to be voluntary, and a credit union must agree and be able to physically host on-site activity safely. The NCUA regional director must also approve on-site exam activity. However, credit unions in troubled condition will still face mandatory exams.