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.
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.
