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Last week, the National Credit Union Administration (NCUA) released a letter to federally insured credit unions outlining their supervisory priorities for examinations in 2023. Many of the topics seen in the letter come as no surprise to credit unions, as the NCUA has been focused on cybersecurity, fraud prevention and detection, and consumer protection in recent years, but other topics of concern have been less discussed as of late. Topics that were brought up include the interest rate risk due to the significant increase in interest rates in 2022, liquidity due to reduced cashflows and increased share balances, and credit risk due to inflation and rising interest rates.
In addition, the NCUA will host a webinar on the 2023 Supervisory Priorities Letter to Credit Unions on January 31 at 2:00 pm. Registration for this event is now open. Christel Orusede, from the NCUA’s Office of Examination and Insurance, will moderate a panel of NCUA subject matter experts who will discuss topics outlining NCUA’s supervisory priorities and other aspects of the agency’s examination program for 2023 to help credit unions prepare for their next NCUA examination.
League Town Hall – Save the Date
The League will be hosting a Town Hall call with both Joanne Black of the NCUA and Superintendent Lloyd Lafountain of the Bureau of Financial Institutions on February 21 at 1:00 pm. They will review what they see as pressing issues for credit unions under their supervision. If you wish to ask a question of the examiners or wish to suggest a topic for them to consider, feel free to send that question to Ellen Parent, Director of Compliance, at eparent@mainecul.org. Please be sure to note if you wish to remain anonymous.