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NCUA lists 2020 supervisory priorities
The National Credit Union Administration has announced it is has sent its annual letter to credit unions listing supervisory priorities as well as updates on regulations and the agency’s modernization programs. The priorities listed were:
- Bank Secrecy Act and anti-money-laundering compliance;
- Consumer financial protection;
- Credit risk and liquidity risk;
- Continued monitoring of the implementation of the new standard for current expected credit losses, or CECL; and
- Planning for the transition from the London Interbank Offered Rate, or LIBOR, as the benchmark for setting interest rates.