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Metsger Sets Goal of Summer Board Vote for Extended Exam Cycle
Friday, June 10, 2016 6:45 AM

National Credit Union Administration Chairman Rick Metsger continues to show a willingness to move the agency towards an extended exam cycle for well-run credit unions. In a June 8 letter to New Hampshire Congressman Frank Guinta, Metsger committed to having an NCUA board vote within two months to end the requirement that all federally insured credit unions with more than $250 million in assets be examined each calendar year.

"Now that the economy and the credit union system have stabilized, I believe that the NCUA Board should act thoughtfully and promptly to modify the exam schedule for federally insured credit unions," stated Metsger. "Our prescriptive calendar-year requirement creates a logjam of examinations at the end of each year, which is neither effective nor efficient. My goal is to have the NCUA Board vote on ending the calendar-year requirement within the next two months."

The OTR is at an all-time high level, having increased by over 21 percent from 2009 to 2016. More than 70 percent of NCUA's total budget is derived from Share Insurance Fund assessments through the OTR.

In his letter to Congressman Guinta, Metsger laid out his Exam Flexibility Initiative, which is anchored by an internal working group that will look at broader changes to NCUA's examination and supervision process. Metsger noted that the agency is fortunate to have the administrative flexibility to adjust the exam cycle, and prescriptive legislation on the issue is not necessary and could further limit the agency.