The two positions will be temporary; the new hires' terms will not exceed four years.

Additionally, the program will allow NCUA examiners to gather information in advance of going onsite at credit unions and shorten the amount of time NCUA staff are onsite overall, according to Kutchey.

The agency's core information technology was last upgraded two decades ago, Ed Dorris, the NCUA's chief information officer, said. He added market research showed the agency can utilize commercial solutions for the upgrade. The cost will be $15.8 million for two years, and an overall cost, including software licenses, will cost $25 million, Dorris said.

In addition to hiring two full-time employees, the program will utilize 20 subject matter experts and 30 staff members. These staff members are already part of the NCUA's Office of the Chief Information Officer.

After the meeting, NCUA Board Member J. Mark McWatters told CU Times, "Our current technology is straight out of the Flintstones – stone tablets and chisels – and the ESMP will assist the agency's transition to a state of the art examination platform that should permit the agency to conduct offsite examinations and, hopefully, extend the examination cycle. This should reduce our examination and travel cost, which constitute a bulk of the agency's operating budget."

NASCUS President/CEO Lucy Ito said the efforts to upgrade the NCUA's core system are long overdue.

"The NCUA's effort to consolidate its information technology and reporting systems to increase efficiency in examinations under its Enterprise Solutions Modernization Program is long overdue and supported by state credit union regulators," Ito said. "We also believe that state supervisory authorities' input into this initiative will be invaluable given state examiner direct experience with other federal banking regulators' examination systems, and their own efforts at such modernization."

Additionally, NAFCU Executive Vice President and General Counsel Carrie Hunt said this represents a long-term project with budget implications and that NAFCU will review this initiative carefully to evaluate its full impact on credit unions.

In addition to passing the ESMP proposal, the board approved the Corporate Stabilization Fund Quarterly Report and the final rule on the Permissible Investment Activities on Bank Notes.

Hunt said the passage of the Permissible Investment Activities provide greater flexibility for NAFCU and its members, as it offers much-needed regulatory relief.

"However, we would fully support the NCUA doing more to expand the range of investment options available to federal credit unions," she added.

Chairman Debbie Matz reiterated that refunds from the stabilization fund to credit unions will not be available until 2021. Hunt called upon the regulator to make rebates on credit unions' stabilization assessments available as soon as possible.