If Congress allows credit unions to make more business loans, the industry can expect even more supervision from the NCUA.
The agency, already under pressure to protect the National Credit Union Insurance Share Fund from additional losses, has been coming down hard during examinations to ensure that credit unions are vigilant about anticipating all the risks before making a business loan.
"They [NCUA examiners] are pushing for our risk analyses to be even more rigorous than in the past. They are asking us do more modeling and look at more possible scenarios so we are less likely to lose money. The oversight has always been strong but they have definitely stepped it up,'' said Marcus Schaefer, president/CEO of Truliant Federal Credit Union, a $1.1 billion institution in Winston-Salem, N.C.
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