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.

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