NAFCU members speak out on RBC
NAFCU member credit unions attended NCUA's third and final summer listening session in Alexandria, Va., on Thursday. (NAFCU photo)
July 18, 2014 – Several NAFCU member representatives aired their concerns about NCUA’s risk-based capital proposal during Thursday’s listening session in Alexandria, Va., NCUA’s third and final summer listening session.
Here’s a look at some of their comments:
- Robert Hobson of Millbury Federal Credit Union spoke about the fact that the NCUA should lower the risk weights for mortgages. He also reiterated – as NAFCU continues to point out – that NCUA has to ensure that the rule does not put credit unions at a competitive disadvantage to banks.
- John Fenton of Affinity Federal Credit Union spoke about the rulemaking process and said NCUA should further engage the credit union industry to get the best rule possible. Denise McGlone, also of Affinity FCU, said interest-rate risk should not be contained in the RBC rule but handled through supervision and examination.
- Mary Green of St. Ann’s Arlington Federal Credit Union shared the concerns of small credit unions. She said NCUA should be mindful of credit unions’ regulatory burden. She also noted that smaller credit unions are competing with predatory lenders.
- Dan Morrisey of Queen of Peace Arlington Federal Credit Union, in other comments regarding small credit unions, asked Matz to coordinate with CFPB to convey that credit unions should not be subject to any CFPB rulemaking connected to payday loans.
A recording of Thursday’s listening session is online.