Compliance: NCUA, 6 state regulators launch pilot program

NCUA headquarters

NCUA announced last week that it and six state credit union regulators will launch an alternating examination pilot program for a select group of federally insured, state-chartered credit unions. According to the agency, the program is based on its 2016 Exam Flexibility Initiative report, and will run for one full alternating cycle of approximately three years.

The six participating state regulators are the California Department of Business Oversight, the Florida Division of Financial Institutions, the New Hampshire Banking Department, the Oklahoma State Banking Department, the South Carolina Office of the Commissioner of Banking and the Texas Credit Union Department. The credit unions for the program have been chosen.

The NCUA has posted frequently asked questions about the pilot program on its website. Additional information specific to each state’s program will be available in the near future.

 

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