As remote work piled up over 2020, a rash of worrisome compliance incidents started showing up in credit union audit departments. Chief among those incidents were the following symptoms:
- Missed audits
- Repeat findings
- Staff showing up to Zoom calls in bathrobes
The NCUA has taken note and produced a vaccine to prevent the worst outcomes from these symptoms. Credit unions across the U.S. can expect access in the coming months.
What Causes Repeat Findings?
The NCUA is still unsure of what is causing the spread of repeat findings. Mitigation measures have included a less rigorous exam cycle, remote audits, and requiring pants for all video calls.
Yet repeat findings are still spreading at an alarming rate.
With the amount of remote work going on, some have suggested that transmission is digital.
The NCUA called on Dr. Anthony Fauci to help them navigate the issue of repeat findings.
“I’m an immunologist,” Fauci told the NCUA. “I’m not sure what I can do for you, to be honest. Just keep wearing your masks and social distancing.”
When confronted with new data that indicate repeat findings aren’t spread like a virus, Fauci shrugged. “I wouldn’t know the first thing about credit union audits,” he said. “I really have no idea why I’m here.”
The NCUA vaccine to prevent repeat findings is, unsurprisingly, two doses. Three, if the finding is a repeat of a repeat. “The sky’s the limit for how many vaccines any credit union will need, I guess… How many times can you repeat one finding?” Fauci said. “Again, I have no idea how credit unions work.”
Read our past April Fool’s posts here:Changes to the NCUA Credit Union Audit Cycle