100% Credit Union-owned CUSO CU*Answers, recently said that one of the most common complaints it hears from credit unions is the difficulty in preparing for regulatory examinations. CEOs have long said that if they had a better idea of what to expect, it would allow them to focus upon being better prepared, and score higher on their next assessment.
As a result of this on-going concern, CU*Answers said it has developed ExamShare, a new website available to its credit union partners in which credit union leaders are able to provide input and feedback on recent examinations through a pre-developed survey.
CU*Answers said it will accumulate answers to information provided, and create and send out reports breaking down client responses by such criteria as region, size, credit union charter, and exam subject matter. CU*Answers said that with this information, every credit union will have a better idea and prepared for what to expect from its examiners within their region.
They added that the basic concepts of ExamShare include the following:
- Within 24-48 hours after an examination is completed, a designated credit union leader will log on to ExamShare and complete a survey.
- Those survey results will immediately be made available on the ExamShare site.
- Each month, CU*Answers will accumulate results and publish reports so clients can see the areas examiners are focusing upon in your region and or by credit union size.
CU*Answers concluded by stating that the intent of ExamShare is to focus upon the subject matter of the examinations, versus personality considerations. CU*Answers re-iterated that it wants to reduce the element of surprise and stress often associated with exams as much as possible, and stressed it will never ask in its survey for data that cannot be legally divulged, such as a credit union’s CAMEL rating.