National Credit Union Administration Board Member Todd M. Harper this week proposed the creation of a dedicated consumer compliance exam program for large, complex credit unions. Introducing the proposal, Harper said the NCUA’s safety-and-soundness regime has not evolved with credit union growth.
Harper noted that 317 credit unions with 71.7 million members exceed $1 billion in assets, while the NCUA is on track to complete only 25 fair lending exams of more than 5,300 federally insured credit unions in 2019. He said the NCUA’s compliance examinations and consumer financial protection reviews lag those performed by bank regulators.
Harper has criticized the NCUA’s role in the New York City taxi medallion scandal and voted against NCUA efforts to expand the powers of tax-exempt credit unions.