On January 7, 2020, the NCUA announced that it had issued its annual letter to credit unions listing its 2020 supervisory priorities as well as updates on regulations and the agency’s modernization programs.

The letter includes a summary of recent statutory and regulatory updates, including additional guidance on serving legal hemp businesses; changes in the appraisal threshold for commercial real estate transactions; the amended supervisory committee audits rule, which took effect Jan. 6; and the amended public unit and nonmember shares rule, which takes effect Jan. 29.

For 2020, the NCUA has listed the following as supervisory priorities:

Bank Secrecy Act and anti-money-laundering compliance;
Consumer financial protection;
Cybersecurity;
Credit risk and liquidity risk;
Continue monitoring the implementation of the new standard for current expected credit losses, or CECL; and
Planning for the transition from the London Interbank Offered Rate, or LIBOR, as the benchmark for setting interest rates.

The full NCUA letter to Credit Unions can be found here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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