NJCUL Hosts Meeting with NCUA: CU Fraud and Losses The Supervisory Committee’s Role

ATLANTIC CITY, N.J. – The New Jersey Credit Union League (NJCUL) hosted over 50 credit union CEOs, supervisory committee and board members, for a private meeting with the National Credit Union Administration (NCUA) Supervisory Examiners Terrance Adam and Marcus Vander Wall at its 84th Annual Meeting & Convention held in Atlantic City, New Jersey.

The discussion centered around the supervisory committee’s role in helping to prevent/mitigate fraud and losses to the credit union.

Adam, and Vander Wall, shared recommendations for the steps committee members can and should be taking to both fulfill their regulatory obligations and help the credit union prevent fraud and losses. Credit union CEOs attending the Annual Convention were encouraged to bring their supervisory committee chair and/or board chair to the discussion.

The discussion included questions to the supervisory examiners on where agency examiners uncover the most fraud volume, appropriate execution of back-end controls and audits by a supervisory committee, along with questions about frequency a committee should perform internal controls. Other topics of discussion included dormant account treatment, matching up the credit unions policies and procedures to performance and use of third-party consulting, to name just a few.

Vander Wall strongly recommended that those in the room, if they have not already done so, to go to NCUA’s Web site at www.ncua.gov and view the available supervisory committee resources that include a Supervisory Committee Guide manual with links to audit forms and tracking documents.

Supervisory committees, if you need help setting your annual audit plan or want to discuss use of outside consulting services to help you meet the credit union’s compliance needs, please contact NJCUL’s Vice President Compliance & Regulatory Affairs, Nicola Foggie, at nfoggie@njcul.org or call 1-800-792-8861, ext. 112.

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