SAN FRANCISCO — NCUA Chairman Michael Fryzel introduced himself to a full house of West Coast credit union professionals when addressing the California and Nevada Credit Union Leagues conference and annual meeting audience during a morning general session.
One of the new chair's goals is a complete overhaul of the audit process, with Fryzel calling for a completely rewritten exam and more frequent visits to credit unions. The chairman's comments regarding more frequent exams had conference goers buzzing, wondering if the remarks were directed at all federally insured credit unions or just those that have suffered losses.
"Eighteen to 24 months between exams is totally unacceptable in this environment. We need current, meaningful data," Fryzel said. He continued, "it's no longer sufficient to just change or update sections, a complete review and rewrite is needed."
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