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State and federal regulatory examinations have long been an area that has proven challenging for credit unions; no matter asset size.  The League has developed a program (NJ READ) that addresses the examination process in terms of 1) education 2) preparation, 3) follow-up, and 4) proactive interaction with regulatory agencies.  Program participation is encouraged from all League credit union members.

Under the NJ READ program, we will bring together key CEOs to share their exam experiences, challenges and insights, who will have the opportunity to share in the resolution process, managed by the League, of proactively addressing regulatory and examination issues.  The group will work together to identify and create process improvements as well as contribute to communications that will allow the League to be the “voice” of credit union members when interacting with regulatory agencies. The measure of which is intended to be a proactive, rather than a reactive campaign to ensure credit union members have the empowerment, i.e. information, tools and resources, to successfully navigate the examination process.  The goal of NJ READ is to bring to light regulatory and examination practices that are hindering credit union success, and identification of regulatory changes that would help foster success. One of the key methods for doing this will be to identify these areas and communicate them to NCUA, state regulators and any other necessary regulatory agencies. We do expect, based on initial feedback, that NCUA is the primary regulatory body we will focus on for NJ READ. We will distribute our reports to NCUA, other regulators, and the general industry.

NJ READ provides credit union leaders a forum to meet and network, with the opportunity to provide feedback as well as recommendations regarding the examination experience.  The NJ READ group will be tasked with the following;

·       Attend League hosted quarterly roundtable sessions

·       Provide “real world” experiences and share credit union impact for the feedback process

·       Develop a process to collect, examine, and communicate credit union members’ feedback on NCUA examinations

·       Examine regulator’s practices, processes, communication practices, etc.

·       Examine burdensome regulations, i.e. relevancy, impact, etc.

·       Input to process for communication to regulator

·       Examine examination follow-up and document best practices

·       Communicate opportunities to obtain education for credit union staff, volunteers

·       Input to NJ READ Quarterly report to regulator and other identified groups

For more information on NJ READ, please feel free to contact Nicola Foggie at nfoggie@njcul.org or ext. 112.