The NCUA has released a letter to credit unions and question-and-answer sheet regarding the new interest rate risk management rule, which takes effect Sept. 30, and posted it on the NCUA's website.
The information includes the most commonly asked IRR questions the NCUA took away from four webinars on the topic, including responsibility for the creation, oversight and management of the required IRR written policy and program, measurement and monitoring requirements, internal controls, and what influence the IRR should have on management decisions.
When the rule becomes effective, examiners will use an examination questionnaire the NCUA distributed in May. Credit unions should "consider the guidance this provides to examiners as you evaluate the credit union's policies and program," the NCUA said in the new letter.
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