Written by Janice Ringler, NCCO, NCBSO, Regulatory Compliance Counsel, NAFCU
On January 15, 2021, to assist credit unions in preparing for examinations, the National Credit Union Administration (NCUA) issued Letter to Credit Unions 21-CU-02, which sets out the agency’s supervisory priorities for the year. NCUA plans to continue to use the Modern Examination and Risk Identification Tool (MERIT), with intentions to have it fully implemented by the second half of 2021. NCUA will also be piloting an Exam Planning Questionnaire to be completed by the credit union prior to an examination, to allow NCUA to refine the exam scope and increase off-site monitoring ability.
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