On November 20, 2008, the NCUA Board approved changes to the risk-based
examination scheduling policy, creating the Annual Examination Scheduling
Program (AEP).
13 NCUA indicated these changes were necessary due to adverse
economic conditions and distress in the nation’s entire financial structure, which
placed credit unions at greater risk of loss. The NCUA stated that the Annual
Program would provide more timely relevant qualitative and quantitative data to
recognize any sudden turn in a credit union’s performance.