Have you qualified for the NCUA Extended Examination Cycle?
Posted by Ms. Pamela Blevins, Remote Financial Services Manager, Credit Union Resources, Inc on 4/10/2017

Starting January 2017, extended exam cycles were offered to well-managed, lower risk federal credit unions. The following items were cited by NCUA as the qualifications:

  • Assets less than $1 billion

  • CAMEL code 1 or 2, in both composite rating and management component rating

  • “Well Capitalized” under PCA

  • No outstanding DORs related to record keeping

  • No Cease & Desist Orders, LUAs, PWLs, or PCA directives

This means that your credit union needs to make sure they are staying on top of the record keeping in your credit union.  It is very easy for your Accounting department to get behind the ball, and the idea of playing catchup, can seem like an impossible task.  It is all about taking one step at a time and knowing what your options are.  Credit Union Resources offers a services to help you with this process.  Maybe you have identified that there is an issue and your accounting department has fallen behind; you have a new accounting employee that needs to be brought up to speed; or you have received a DOR and need immediate assistance in clearing those items to get back on the good list.  Financial & Technology Resources offers that type of assistance through our Remote Financial Services.  This could include bringing you up to date on reconciliations, clearing those pesky DORs, or providing training to Accounting staff to make sure your credit union stays on the straight and narrow. 

If you would like more information about these services, contact Deana Brown, Office Manager of Financial & Technology Resources at 469-385-6464 or email dbrown@curesources.coop.

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Categories: Compliance, Financial & Auditing
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