WASHINGTON (2/18/16, UPDATED 4:39 p.m. ET)--Reps. Frank Guinta (R-N.H.) and Ruben Hinojosa (D-Texas) were joined by more than two dozen Republican and Democratic U.S. House members in a letter to the National Credit Union Administration that urges the agency to extend its examination cycle for well-run credit unions to 18 months from 12.
“The number of credit unions continues to decline, down by nearly a quarter since 2008, due in no small part to overly burdensome regulations on the industry,” wrote the bipartisan group of members in their letter Thursday to NCUA Chair Debbie Matz.
“We strongly encourage the agency to implement a new extended examination schedule for credit unions to help your regulatory relief efforts.”
Lengthening exam cycles for credit unions has been a top priority of the Credit Union National Association (CUNA).
CUNA Chief Advocacy Officer Ryan Donovan said CUNA appreciates the leadership of Guinta and Hinojosa in encouraging 30 of their House colleagues to sign onto this letter.
"This action will encourage the NCUA to continue down its path toward extended examination frequency," Donovan noted.