2020 Supervisory Priorities: BSA, Consumer Protection, and Cybersecurity

in News Center

The National Credit Union Administration (NCUA) issued its annual letter to credit unions listing its 2020 supervisory priorities as well as updates on regulations and the agency’s modernization programs.

Click here for the full letter.

The agency’s 2020 supervisory priorities are:

  • 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
  • Planning for the transition from the London Interbank Offered Rate, or LIBOR, as the benchmark for setting interest rates

The letter also describes the NCUA’s modernization efforts, including the planned general release of NCUA Connect, the agency’s new user portal, and MERIT, the new examination platform.

Finally, the letter summarizes 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.

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