Credit union regulator halts onsite exams over coronavirus fears

The National Credit Union Administration will not conduct onsite exams as the industry grapples with the fallout from the coronavirus pandemic.

The regulator said Monday in a letter to credit unions that it was “limiting examination and supervision work over the next couple of weeks to offsite procedures only, with a few exceptions for exigent circumstances.” It could extend these restrictions, if necessary.

Examiners will coordinate with credit union employees to securely transfer information needed to complete offsite examinations and “will be mindful of the impact of information requests on any credit unions experiencing operational and staffing challenges” related to the outbreak, said the letter, which was signed by NCUA Chairman Rodney Hood.

“As we evaluate credit unions over the coming months, consistent with long-standing practices, examiners will consider the extraordinary circumstances credit unions are facing when reviewing the credit union’s financial and operational condition,” the letter said.

 

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