Newsroom
June 08, 2016
Metsger writes Guinta on extended exam cycle plans
NCUA Board Chairman Rick Metsger on Wednesday sent a letter to Rep. Frank Guinta, R-N.H., outlining the agency's broad regulatory goals for exam cycles for well-run, healthy credit unions starting in 2017.
"We thank Chairman Metsger for his leadership on this issue and for engaging with lawmakers," said NAFCU Vice President of Legislative Affairs Brad Thaler. "Offering well-run credit unions extended exam cycles would be a positive step toward providing the industry with some relief. While we would like immediate change, we look forward to working with NCUA to achieve exam improvements as soon as possible for all credit unions."
In his letter, Metsger outlined his announcement last month of the steps the agency is taking to remove the requirement that every federal credit union and all federally insured, state-chartered credit unions with more than $250 million in assets be examined each calendar year. He told Guinta that he hopes to have the board vote on this change in the next two months.
Metsger also noted the working group that is currently looking at all aspects of the supervision process has been urged to report back to the board by September with its findings. "I plan to move expeditiously on these recommendations this fall with the expectation that they will be in place for the 2017 exam cycle," he wrote.
Metsger said in his letter that extending the exam cycle through the regulatory process "is the most expeditious way to address this important issue."
Guinta has been a leader on this issue. Last February, he with Rep. Rubén Hinojosa, D-Texas, led a bipartisan group of 30 members of the House to sign a letter to then-NCUA Board Chairman Debbie Matz strongly urging a return to an 18-month exam cycle for well-run credit unions. Metsger shared his comments today with other signers of the letter as well.
On Tuesday, House Financial Services Committee Chairman Jeb Hensarling, R-Tex., announced that a return to an 18-month exam cycle for certain credit unions was included in financial institution examination relief measures that are part of his Financial CHOICE Act to bring reforms to the Dodd-Frank Act.
NAFCU has long championed an extended exam cycle for credit unions and will remain engaged on this issue with all policymakers.
"We thank Chairman Metsger for his leadership on this issue and for engaging with lawmakers," said NAFCU Vice President of Legislative Affairs Brad Thaler. "Offering well-run credit unions extended exam cycles would be a positive step toward providing the industry with some relief. While we would like immediate change, we look forward to working with NCUA to achieve exam improvements as soon as possible for all credit unions."
In his letter, Metsger outlined his announcement last month of the steps the agency is taking to remove the requirement that every federal credit union and all federally insured, state-chartered credit unions with more than $250 million in assets be examined each calendar year. He told Guinta that he hopes to have the board vote on this change in the next two months.
Metsger also noted the working group that is currently looking at all aspects of the supervision process has been urged to report back to the board by September with its findings. "I plan to move expeditiously on these recommendations this fall with the expectation that they will be in place for the 2017 exam cycle," he wrote.
Metsger said in his letter that extending the exam cycle through the regulatory process "is the most expeditious way to address this important issue."
Guinta has been a leader on this issue. Last February, he with Rep. Rubén Hinojosa, D-Texas, led a bipartisan group of 30 members of the House to sign a letter to then-NCUA Board Chairman Debbie Matz strongly urging a return to an 18-month exam cycle for well-run credit unions. Metsger shared his comments today with other signers of the letter as well.
On Tuesday, House Financial Services Committee Chairman Jeb Hensarling, R-Tex., announced that a return to an 18-month exam cycle for certain credit unions was included in financial institution examination relief measures that are part of his Financial CHOICE Act to bring reforms to the Dodd-Frank Act.
NAFCU has long championed an extended exam cycle for credit unions and will remain engaged on this issue with all policymakers.
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