The Honorable Debbie Matz, Chairman
The Honorable Richard Metsger, Vice Chairman
The Honorable Mark McWatters, Board Member
National Credit Union Administration
1775 Duke Street
Alexandria, VA 22314
RE: NCUA 18-month Examination Cycle
Dear Chairman Matz, Vice Chairman Metsger, and Board Member McWatters:
On behalf of the National Association of Federal Credit Unions (NAFCU), the only national trade association focusing exclusively on federal issues affecting the nation’s federally insured credit unions, I am writing to you regarding the National Credit Union Administration’s (NCUA) examination cycle.
Given the recent FDIC, and imminent OCC, actions to allow certain banks an 18-month exam cycle, NAFCU again calls upon the NCUA to lengthen the exam cycle for healthy, well-run credit unions. Credit unions did not cause the financial crisis, are in extremely sound shape as an industry, and do not need the additional burden of more frequent exams.
Lengthening the cycle will also save NCUA resources for credit unions that are facing challenges and need more oversight. We appreciate that the NCUA has indicated as recently as today that the agency is open to an 18-month exam cycle, but we urge the agency to approve this much-needed relief for credit unions as soon as possible.
NAFCU appreciates the opportunity to share our thoughts on this matter. We always look forward to working with NCUA and finding ways to increase efficiency and transparency. Should you have any questions or would like to discuss these issues further, please feel free to contact me or Carrie Hunt at chunt@nafcu.org, or (703) 842-2234.
Sincerely,
B. Dan Berger