CUNA President/CEO Jim Nussle said the National Credit Union Administration's announcement today that it will remove its annual examination requirement in the next two months is very good news for credit unions. NCUA Chairman Rick Metsger said that action is necessary before the agency could approve an extended exam cycle.
"Reducing the frequency of examinations for credit unions would remove some unnecessary pressure on credit union resources –resources that can better be used to serve members," said Nussle. "Such an action by the agency would also be both prudent and appropriate as it would refine the cycle to be more consistent with the examination cycle for banks.”
Nussle added, "Reducing exam frequency is a top priority for CUNA. We have used our 360-degree advocacy approach, working with NCUA as well as federal lawmakers, to seek relief for credit unions on this issue. We thank Chairman Metsger for acting on this important issue just days after taking the reins of the agency."