Matz: No 18-month exam cycle until 2017

first_img 2SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr NCUA Chairman Debbie Matz told lawmakers Thursday that she recognizes the benefits of moving healthy credit unions to an extended exam cycle, but the board is not likely to address the issue until other new processes and procedures are in place at the end of 2017.“Credit unions that are well-run and well-managed deserve and need the relief that shortened exams provide,” said NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt. “Two years is too long to wait for this relief. While we appreciate Chairman Matz’s desire to prioritize modernization efforts, we believe a shortened exam cycle can be implemented in tandem with those efforts. NAFCU will continue to strongly advocate for this change.”Matz’s response went in a letter to Rep. Frank Guinta R-N.H., and 30 other House members, who urged the agency to return to an 18-month exam cycle.A letter sent to Matz last month, spearheaded by House Financial Services Committee members Guinta and Rubén Hinojosa, D-Texas, thanked NCUA for its focus on regulatory relief but says more can be done to ease the regulatory burden on credit unions. It notes the agency’s recent budget estimates – $231 million for employee compensation and $6.4 million for airfare and auto rentals – and says moving to an extended exam cycle could help cut these costs. continue reading »last_img

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