The NCUA Board approved a final supervisory committee audit and verification rule establishing new Part 715 and revising current Part 741 to incorporate the minimum audit and reporting requirements imposed by the Credit Union Membership Access Act. The final rule establishes minimum annual audit requirements based on charter type and asset size, the licensing authority required for persons performing certain audits, and the auditing principles credit unions must follow in filing Call Reports with the NCUA Board. The new rule is effective January 1, 2000. NCUA plans to issue a new Supervisory Committee Guide that conforms to Part 715 later this year. Some significant new initiatives added during the mid-session budget review require funding for increased Y2K staff demands, Office of Human Resources initiatives, laptop computer repairs, employee relocations, consulting services, space alterations, a compensation study and recruitment expenses.
Votes are unanimous unless otherwise noted.