McHenry asks NCUA for RBC answers
July 8, 2014 – House Financial Services Subcommittee on Oversight and Investigations Chairman Patrick McHenry, R-N.C., yesterday asked NCUA Board Chairman Debbie Matz to provide, by July 18, his subcommittee with information to support the agency’s risk-based capital proposal.
“I ask that you provide the subcommittee with information about how the rule was developed and what impact it will have on the credit union community in terms of growth and innovation, as well as any impact on the larger economy and job creation,” McHenry wrote.
He asked for any cost-benefit analyses performed, metrics on asset classifications, justification for revised risk weighting for each asset class, and explanation on “the extent to which NCUA examiners would be empowered to assess and make capital recommendations to credit unions that might deviate” from the proposed rule’s standards.
Formal requests such as the above may signal hearings to come.
McHenry's letter to Matz