Rep. Patrick Murphy (D-FL) has joined Reps. Bill Posey (R-FL) and Dennis Ross (R-FL) as representatives from the LSCU delegation to sign a “Dear Colleague” letter to the NCUA. The League has learned that Rep. Mike Rogers (R-AL) was a late signee to the bill last night. The letter asks the NCUA to be committed to returning to an 18 month exam cycle.
The NUCA had worked on an 18-month exam cycle prior to the economic downturn. Credit unions remained particularly healthy during that time as an industry. With the economy improving and the credit union industry even healthier, the League and CUNA would like to see the NCUA return to the 18-month cycle for the healthiest credit unions.
Reps. Frank Guinta (R-NH) and Ruben Hinojosa (D-TX) drafted the letter to NCUA Chairman Debbie Matz asking for the NCUA’s board to remain committed to regulatory relief, particularly in terms of returning to the 18-month exam cycle.
Rep. Murphy’s signature means that all three members of the Florida delegation on the House Financial Services Committee have signed the letter.