“These new processes and procedures are scheduled to be in place by the end of 2017. At that time, the NCUA board will be in a better position to consider a comprehensive, well-integrated plan for an extended examination cycle that complies with the recommendations previously made by the U.S. Governmental Accountability Office and the NCUA's Office of Inspector General,” Matz wrote.

In the meantime, Matz concluded, the NCUA will continue implementing its streamlined exam program for healthy credit unions with fewer than $30 million in assets and giving discretion to field staff to apply similar exams for credit unions with $30 million to $50 million in assets with CAMEL ratings of 3 or better.

“Credit unions that are well-run and well-managed deserve and need the relief that shortened exams provide,” NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt said in a release that responded to the letter. “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.”

When Matz leaves the NCUA board in April, Vice Chairman Rick Metsger will not automatically take the chairman's position. That designation must come from the president, according to NCUA Public Affairs Specialist John Fairbanks, who cited the Federal Credit Union Act.