WASHINGTON, DC (September 4, 2015) — National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement in reaction to National Credit Union Administration (NCUA) Director of the Office of Examination and Insurance Larry Fazio’s response to NAFCU’s request that NCUA reinstitute the 18-month exam cycle.
“We appreciate NCUA’s thoughtful review of our request. NAFCU looks forward to continuing the dialogue with the agency as to what processes and procedures are needed in order for NCUA to implement an 18-month exam cycle,” said Berger. “We look forward to discussing how to adopt an extended exam cycle for healthy credit unions that will efficiently provide relief and effectively maintain our industry’s safety and soundness.”
Berger wrote NCUA in August urging the agency to return to an 18-month examination cycle, which would allow NCUA more flexibility in balancing staff and reduce duplicative examination expenses without compromising the safety and soundness of the industry.
In his response to Berger, Fazio noted the agency would have to address workforce management needs, enhance its data and modeling capabilities, establish new technologies and techniques to improve the AIRES examination platform and design a framework for the examination program.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
