The National Credit Union Administration (NCUA) is preparing to create a new division, called the Office of National Examinations and Supervision. The new office will be entirely dedicated to supervising the activities of credit unions with more than $10 billion in assets.
“One-size-fits-all supervision is simply no longer appropriate in a credit union industry with nearly 100 million members and more than $1 trillion in assets,” explained NCUA Board Chairman Debbie Matz in an official statement.
We’d love to be your preferred source for news.
Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!
Four U.S. credit unions currently manage more than $10 billion in assets, according to American Banker: Navy FCU, Pentagon FCU, North Carolina State Employees’ CU and BECU.
Matz also outlined a number of ways the NCUA would be changing its regulatory approach in the coming months, including a broadening of the definition of a “small” credit union; new allowances for the use of video teller machines; and giving credit unions the option to buy Treasury Inflation Protected Securities.
The NCUA’s new regulatory arm is set to begin operations on Jan. 1, 2013.
Add as Preferred Source