A simple extension of the exam cycle for credit unions will not solve the process' problems, which range from inconsistency to the use of outdated technology, credit union trade groups told the NCUA.
In June, the NCUA said stakeholders had until Aug. 1 to submit recommendations to a working group that Chairman Rick Metsger established to review the exam process. In July, the NCUA board agreed to extend the exam cycle for certain credit unions.
"(The) NCUA's ultimate goal should be the elimination of a formal examination cycle," CUNA Senior Director of Advocacy and Counsel Lance Noggle wrote in his association's response. "The examination cycle, in itself, harkens back to a time when a physical visit to a credit union was the only way for regulators to gather information and determine if that credit union was operating in a safe and sound manner."
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