The NCUA set Aug. 1 as the deadline for public comment on possible changes to the supervision and exam process, the agency announced Tuesday.
"[The] NCUA is on a fast track to update its examination and supervision procedures, and we want input from as many people as possible," NCUA Board Chairman Rick Metsger said.
The agency has announced it intends to adjust the exam cycle for certain credit unions within the next two months.
In addition, the agency is under congressional pressure to change the exam cycle. Rep. Frank Guinta (R-N.H.) introduced legislation last week that would require the agency to adopt an 18-month exam cycle for certain credit unions.
Metsger had asked Guinta to hold off on his legislation, stating the agency had the power to make the changes. Metsger said he would prefer that any changes in the exam process be made through the regulatory process rather than have strict lengths written into law.
The NCUA suggested five areas for commenters to provide input on: How examinations can be conducted to minimize their impact on credit union operations, concerns about the current process, steps that can be taken to improve the efficiency of examinations while maintaining their effectiveness, how technology can be better used and what metrics the agency can use to determine eligibility for an extended examination cycle.
He said he has asked the internal working group studying the issue to deliver its recommendations to the board in September, adding that in order for the group to meet its deadline, stakeholders should submit their comments as soon as possible.
Region IV Director Keith Morton is leading the working group.
The NCUA previously set Aug. 1 as the deadline for comments on possible changes to the call report process.
Comments on the exam cycle can be sent to [email protected].
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