NCUA Alert Clarifies Accounting Standard for Federal Credit Unions

On July 21, 2022, the National Credit Union Administration (NCUA) Board approved an increase to the asset threshold for assigning supervision of covered consumer credit unions to the Office of National Examinations and Supervision (ONES) from $10 billion or more to $15 billion or more.

 The final rule is effective January 1, 2023.

Credit Union Supervision

The NCUA reorganized its structure in 2012 and established ONES. As part of the restructure, the NCUA transferred supervision of covered credit unions from regional offices to ONES effective January 1, 2014. Covered credit unions included those with assets meeting or exceeding $10 billion.

Each year, federally insured credit unions newly reporting assets of $10 billion or more on March 31 of a given calendar year were reassigned to ONES on the first day of the following year. The final rule revised the asset threshold from $10 billion or more to $15 billion or more.

All credit unions currently supervised by ONES have reported assets of $15 billion or greater as of March 31, 2022.

Existing Assignments

All credit unions assigned to ONES will remain with ONES. Credit unions not supervised by ONES are supervised by NCUA regional offices.

We’re Here to Help

For more information on how the alert could impact your credit union or assistance, contact your Moss Adams professional.

You can also visit our Financial Services Practice for more resources.

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