NCUA exams again focus on cybersecurity
Agency intends to fully implement extended examination cycle by year-end.
NCUA laid out its 2018 supervisory priorities in its annual Letter to Credit Unions No. 17-CU-09 to kick off the year. Not surprisingly, cybersecurity, Bank Secrecy Act (BSA) compliance, and internal controls and fraud prevention top the list.
NCUA also noted that, after implementing its extended examination cycle in 2017, it expects to fully implement the new cycle by the end of 2018.
As outlined in Letter to Credit Unions No. 16-CU-12 last year, a federal credit union is eligible for the extended examination cycle if it meets all the following criteria:
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