On Nov. 17, the National Credit Union Administration adopted the 10 recommendations in the Exam Flexibility Initiative. What will this mean for all federally insured credit unions? What is the key objective of an NCUA examination? How can a credit union minimize the impact of an examination? How can a credit union effectively prepare for an examination?
First, let’s look at this flow chart from NCUA describing how the examination cycle will change for federal credit unions (see a flowchart for state-chartered CUs here):
continue reading »