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In a perfect world, there would be clear-cut parameters and singular governing entities for all credit unions. However, a state's division of financial services regulates state-chartered credit unions and the NCUA regulates federal credit unions. Additionally, there is more to consider in the governing details surrounding the credit union network. It's an exceptional medley of federal, state and international laws that require great attention.
The NCUA issued its annual supervisory priorities at the beginning of February, and while much of it builds on established guidance from 2021, there are still new areas to focus on. It's imperative that credit unions stay alert to accounting and regulatory updates and create a plan for implementation to remain compliant.
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