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The NCUA issued a letter to federally insured credit unions announcing that the agency will be entering the third phase of resuming its onsite operations on October 17, 2022. The text of the letter is outlined below.
In addition, the agency released state-level reporting data for the second quarter of 2022. NCUA’s Quarterly U.S. Map Review highlights that federally insured credit unions have experienced continued growth in assets, shares, deposits, and loans.
Letter to Credit Unions
Dear Boards of Directors and Chief Executive Officers:
In July 2021, the NCUA announced the implementation of Phase 1 of its phased approach to returning to onsite operations in Letter to Credit Unions, 21-CU-06. In April 2022, the NCUA entered Phase 2 as outlined in Letter to Credit Unions, 22-CU-06. The agency will enter the third phase (Phase 3) of resuming its onsite operations on October 17, 2022.
Under Phase 3, onsite examination and supervision activity will resume in all locations. Given the lessons learned from offsite examinations conducted during the pandemic, examiners will seek to strike the right balance between onsite and offsite examination and supervision work. Examiners will continue to conduct some examination steps offsite when they can be completed efficiently and effectively in credit unions that can accommodate the offsite work.
When scheduling examinations, the NCUA will continue to take into account any challenges a credit union is facing, such as the availability of key staff. Examiners will coordinate with credit union management in scheduling the examination and with respect to aspects of the examination that will be conducted onsite and offsite.
The well-being of agency staff and credit union employees remains a top priority of the NCUA. NCUA staff working onsite in credit unions will generally be expected to follow credit union policies related to health and safety, to the extent they exceed the NCUA’s safety protocols for Phase 3.
Also, members of the public are generally permitted to visit the NCUA’s facilities to attend events open to the public and to meet with agency personnel. The NCUA will continue to maintain heightened safeguards in the agency’s facilities to ensure the health and safety of staff and visitors.
The agency will continue to monitor the course of the pandemic closely and adjust workforce health and safety plans as necessary. The NCUA will notify credit unions of any changes to the agency’s operating posture. If you have questions, please contact your NCUA regional office.
Sincerely,
Todd M. Harper
Chairman