Rep. Frank Guinta (R-N.H.) introduced a bill (H.R. 5419) Thursday that would amend the Federal Credit Union Act to extend the NCUA’s examination cycle to 18 months for certain credit unions. CUNA Chief Advocacy Officer Ryan Donovan said reforms to the supervisory process is a top priority for CUNA.
“We have been talking with Congress and the NCUA for several years about credit unions’ concern with the supervisory process, so we are grateful that Representative Guinta has established such a leadership role on these issues, dating back to when he held meetings in New Hampshire with former NCUA Chair Debbie Matz, and we are equally appreciative of the early and decisive signals that NCUA Chair Metsger has sent that this is a top priority for the agency,” Donovan said.
“The good news is that NCUA is already moving in the right direction, and may even be proceeding faster than we had initially anticipated.
“It is important to keep in mind that our 360-degree advocacy approach recognizes that Congress doesn’t have to solve all the problems we face in the public policy sector, but Congress can play an important role at influencing the outcome of issues in the regulatory space,” Donovan added.
“We have confidence right now that we can get to where we need to be with respect to supervisory improvements through the steps NCUA has indicated they are taking, but it is nice to know that if things get off track, we have friends in Congress ready to step in and help.”