PRESS RELEASE

May 12, 2016

REGULATORS, STATE CUS WELCOME REVIEW OF EXAM CYCLE
‘The annual exam places CU system at competitive disadvantage relative to community banks’

NASCUS PRESIDENT AND CEO LUCY ITO
ON NCUA BOARD CHAIRMAN RICK METSGER’S REMARKS
ABOUT REVIEW OF CU EXAMINATION FREQUENCY

The calendar year requirement is a burden on both credit unions and state regulators. We welcome Chairman Metsger’s plans to review – and, hopefully, make a change – to the required frequency of exams by the federal agency. From state regulators’ point of view, the annual exam requirement places the credit union system at a competitive disadvantage relative to the community bank system, for which the threshold is now $1 billion versus $250 million for credit unions. We also urge the chairman to include state regulators in any working group he appoints, as state regulators have firsthand insight into the relative risk posed by similarly sized credit unions and community banks. Past inclusion of state regulators on NCUA working groups has resulted in thoughtful, strong regulation for the entire credit union system.

 

Information Contact:
Patrick Keefe, Vice President, Communications, pkeefe@nascus.org or (703) 528-5974

The National Association of State Credit Union Supervisors (NASCUS) is the primary resource and voice of the state governmental agencies that charter, regulate and examine the nation’s state-chartered credit unions. NASCUS membership is made up of state-chartered credit unions, state regulators and other supporters of the state credit union system. NASCUS is the only organization dedicated to the defense and promotion of the state credit union charter and the autonomy of state credit union regulatory agencies.