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NCUA outlines multi-phase reopening, on-site exams plan
The NCUA last week issued a Letter to Credit Unions detailing the agency's multi-phase approach to resuming on-site operations. When the NCUA enters the plan's first phase, which will be communicated beforehand, the agency may begin conducting voluntary on-site examinations.
“The NCUA’s top priority is that of ensuring the health, safety, and well-being of its staff while executing the agency’s mission,” wrote Chairman Rodney Hood in the letter. “The transition plan may begin as early as Monday, July 6, 2020, and has built-in flexibility if a later implementation date is necessary.”
In addition, the NCUA will implement social distancing and their precautionary measures in its offices and will distribute “appropriate protective supplies to both field and office staff.”
The NCUA will continue to monitor the pandemic and continue to notify credit unions of changes to procedures and examination protocols. Credit unions are encouraged to contact their regional office with any questions.
Last month, the NCUA provided credit unions with an update on exam relief efforts amid the coronavirus pandemic via a Letter to Credit Unions, indicating that it would continue offsite work until further notice. The agency also reiterated that it would consistently reevaluate this approach throughout the year.
NAFCU President and CEO Dan Berger previously called on the agency to provide additional examination flexibility and make other regulatory adjustments to ensure credit unions can focus on helping members during the coronavirus pandemic.