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The National Credit Union Administration (NCUA) has issued its supervisory priorities for 2021 to help credit unions prepare for their next NCUA examination.
While the 2021 list may look similar to 2020, the pandemic has influenced the NCUA’s priorities. To comply with the Coronavirus Aid, Relief and Economic Security (CARES) Act, the NCUA will suspend categorizing some loan modifications, such as troubled debt restructuring. The NCUA also will be strongly focused on risk management given the uncertain economic climate.
The NCUA’s primary areas of supervisory focus in 2021 include:
- Allowance for Loan and Lease Losses
- Bank Secrecy Act/Anti-Money Laundering Compliance
- Coronavirus Aid, Relief and Economic Security Act
- Consumer Financial Protection
- Credit Risk Management
- Information Systems and Assurance (Cybersecurity)
- LIBOR Transition
- Liquidity Risk
- Serving Hemp-Related Businesses
To view a full copy of the NCUA letter outlining 2021 supervisory priorities, please click here.