The new year often brings a time of reflection and goal setting. The National Credit Union Administration (NCUA) has been working on their share of goal setting, as they have released their 2020 supervisory priorities for credit unions, regulation updates, and the agency’s modernization programs. “We made important strides in 2019 towards updating regulations, easing burdens on credit unions, as well as modernizing our examination process. These efforts will continue in the new year,” said NCUA Chairman Rodney E. Hood in a press release.
The agency published its 2020 supervisory priorities to help credit unions prepare for their next exam. From the Bank Secrecy Act and anti-money laundering (BSA/AML) compliance, cybersecurity, credit risk, the implementation of the new standard for current expected credit losses (CECL), consider these goals for your credit union in 2020.