Compliance Crue: May 2011

On Tuesday, May 10, 2011 Utah Credit Unions had the opporutnity to listen to credit union examiners speak about exam management and discuss their concerns with examiners.

Orla Beth Peck, Credit Union Supervisor for the Utah Department of Financial and Gene Marquis, Supervisory Examiner with NCUA both gave presentations regarding what examiners look for in regards to exam management and most importantly, how to resolve conerns with your examiners.  Afterwards, they answered many questions from the audience.

Here are some highlights from their presentations:

  • Be sure to have all requested documentation ready prior to the start of the exam
  • Keep in daily contact with your examiners.  If they don't come to speak with you, make sure you speak to them.
  • There are no loans or investments that are "risk free" and examiners don't expect all credit union activities to be risk free.  However,  examiners do expect credit unions to identify risk and have risk mitigation strategies.
  • Exam reports will differentiate between required corrections that are based on violations of law or regulation and best practice suggestions.  If you aren't sure which is which, you should ask your examiner to clarify.  
  • Examiners must ensure credit unions are safely run in order to prevent losses to the NCSIF.  There will be times when a credit union and an examiner disagree on certain issues
  • You can disagree with an examiner's recommendations!  However, you can't merely disagree.  You must justify your disagreement and present an alternate plan of action.
  • Disagreements that can't be resolved with on-site examiners can be elevated to the next level of management.
  • Developing and maintaing a respectful dialogue with examiners is the best way to have a positive exam experience.


Orla Beth Peck's Presention

Gene Marquis' Presentation



Labels: Compliance, Compliance Crüe, examiners, Exams, Gene Marquis, NCUA, Orla Beth Peck, UDFI