It may as well have been called the “Larry Fazio Show,” as many questions as the director of the NCUA’s office of examination and insurance fielded during the regulator’s Virtual Town Hall online broadcast Thursday.
Although the event prompted questions in several areas, from emergency liquidity to the recent legal decision to allow credit unions to change field of membership charters in order to merge, it was Fazio who fielded questions about exams, which was the most popular topic of the afternoon.
NCUA Chairman Debbie Matz opened the online broadcast with a 30-minute review of recent rules, achievements and changes generated by the regulator this year, and after introducing 12 senior staff members, opened the town hall up to questions from the virtual audience.
One credit union asked if a document of resolution can be issued without management being allowed an opportunity to discuss it. Fazio said by definition, a DOR is a record of agreement between the examiner and credit union regarding how a problem will be remedied. As such, the examiner and credit union management should have discussed the DOR issue during the exam process.