The National Credit Union Administration (NCUA) Office of Inspector General (OIG) determined that the NCUA lacks a comprehensive records management program. The combination of a lack of resources and competing priorities kept management from creating a viable records management program.
The time period of the audit was 2012 through 2016.
The OIG found that NCUA did not have a comprehensive records management framework, retention, and disposal system in place. Offices throughout the NCUA do not know how to properly archive hard copy and electronic records. For example, Office of General Counsel "staff kept some closed legal files in unsecured file cabinets in unlocked file rooms... As a result, unauthorized personnel or other unauthorized individuals could have potentially accessed sensitive information."
In addition, NCUA had no checklist to follow when an employee left the agency to ensure all of their electronic and hard copy records were properly assessed for records management purposes.
The OIG concluded that the agency needed to improve communications about records management. For example, the OIG found that management did not timely or accurately update the NCUA Board on specifics related to records management and did not give comprehensive guidance to staff on how to handle office or personal records in the conduct of their day-to-day duties.
The OIG also discovered that those charged with governance over records management for the agency did not consistently follow applicable laws, regulations, and guidance to ensure the NCUA had a comprehensive records management program in place.
For example, management did not provide training to staff for records management, as required by National Archives and Records Administration (NARA) regulations and NARA and Office of Management and Budget (OMB) circulars.
The report noted that NCUA management on January 31, 2018 belatedly issued a records management policy.
The OIG made five recommendations to NCUA management that will help the agency implement a comprehensive records management program.
Read the OIG audit.
NCUA is incompetent. Issue them a CAMEL code 5 with a DOR and assign Special Actions. Place them into conservatorship. Merge NCUA wth FDIC
ReplyDeleteI agree that they're totally incompetent. No regulating going on just cheer-leading.
ReplyDeleteHowever, CU's that wish for NCUA to go away and have a bank regulator would be in for a world of hurt. CU's get away murder compared to a bank.
Credit Unions getting away with murder? Yes we are paying huge premium assessments to bury the dead WesCorp, Members United, USCentral, etc. The NCUA owns the morgue of dead credit unions based on NCUA malpractice at the examinations. The NCUA is killing credit unions. NCUA is not supporting or protecting the credit unions. The NCUA is running a criminal MAFIA style racket. It's the government. Pay the juice.
ReplyDeleteI get that but how many CU's could handle a 2-3 week compliance exam, have loans actually risk rated and told to impair, and be held to all the inter-agency guidance (it's required in banking, not just please read for fun)?
DeleteTell me how many CU's get fined for HMDA.....zero. Banks are constantly fined. How about paying additional insurance premiums based on CAMELS and any administrative actions.
CU's should love NCUA - no fines, no consent orders, examiners that don't actually look at anything. You think 3 examiners onsite for 2-3 weeks is reg burden, ask a banker how their exams go