Regulators Provide Guidance on Examinations, Marijuana Banking, and Annual Meetings During League Town Hall

This week, the League welcomed representatives from the NCUA and the Bureau of Financial Institutions (BFI) for a Town Hall with credit unions. During the meeting, the regulators outlined their supervisory priorities for 2022.

Joanne Black, Supervisory Examiner with the NCUA, addressed concerns credit unions may have regarding their exams due and the measures they have taken to help members during the pandemic. While regulators may ask certain questions about how credit unions have worked with their members throughout the pandemic, the NCUA maintained that credit unions will not be criticized for prudent measures to help members who are struggling at this time.

Lloyd LaFountain, Superintendent of BFI, and his deputies, John Barr and Andrea McLaughlin spoke to credit unions about the changes that enabled state credit unions to virtually conduct their annual meetings. BFI representatives also discussed the importance of having both extensive compliance training and extra staff in place if a credit union is interested in marijuana banking.

To view a copy of the recording of the Town Hall, please visit the League’s website.