Exam cycles, cost-saving efforts discussed during NCUA budget briefing
NAFCU Board of Directors Chair Jeanne Kucey, during testimony yesterday on the NCUA’s proposed budgets for 2019 and 2020, reiterated NAFCU’s recommendation of expanding eligibility for an extended 18-month exam cycle for all well-run, low risk credit unions “to reduce burdens and achieve additional savings.”
“Expanding eligibility for extended exams could materially decrease the agency’s operating budget,” Kucey said. “It must also be noted that Congress recently expanded extended exam cycles to more banks above $1 billion as part of S. 2155. The NCUA should follow suit and take action to do so for credit unions as well.”
NCUA Chairman J. Mark McWatters, following witness testimony, said the NCUA is looking at the extended exam cycles issue and might consider a hybrid approach to what was approved for banks in S. 2155.
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