This bill amends the Federal Credit Union Act to permit an examination to be carried out only once every 18 months of a federal credit union or an insured credit union that:

• has total assets of less than $1 billion;
• is well capitalized (or adequately capitalized, in the case of an insured credit union);
• was found in its most recent examination to be well managed, with a composite rating (under the Uniform Financial Institutions Rating System) of 1, in the case of a credit union that has total assets of more than $200 million, or 1 or 2, in the case of a credit union that has total assets of $200 million or less; and
• is not currently subject to a formal enforcement proceeding or order by the National Credit Union Administration (NCUA).

Such limitation shall not apply if the NCUA determines that such a credit union: (1) should be examined more often because of safety and soundness concerns, or (2) has violated the law.

The NCUA shall issue a report on how this bill affects its budget.