Letter to credit unions updates industry on MERIT, other modernization efforts

by Brandy Bruyere, NAFCU Compliance Blog

On Thursday, August 12, 2021, the National Credit Union Administration (NCUA) issued Letter to Credit Unions 21-CU-08 to provide the industry with key updates on the agency’s ongoing efforts to modernize its technology. This includes some information about the move from the current AIRES system to the Modern Examination and Risk Identification Tool (MERIT). NCUA last addressed the status of some of these ongoing projects when the agency updated its supervisory priorities in July 2020, indicating that the pandemic lead to delays of the transition to MERIT which was originally expected to happen last year.

The Letter to Credit Unions addresses several initiatives:

  • NCUA Connect & Admin Portal;
  • Consumer Access Process and Reporting Information System, or CAPRIS, a tool for multiple common bond federal credit unions (FCUs) to request field of membership expansions replacing the 21-year old Field of Membership Internet Application (FOMIA);

 

continue reading »