June 4, 2014 – NAFCU President and CEO Dan Berger on Tuesday noted appreciation for recent indications from NCUA Board Chairman Debbie Matz and staff that the agency is looking to make its risk-based capital proposed rule better for credit unions.
NAFCU has strongly urged NCUA to either withdraw the proposed rule or make major changes and issue a new proposal for comment before any final rule is issued.
Last week, NCUA reported having counted more than 1,850 comments letters
on this proposed rule, and Credit Union Times yesterday said that
number had risen to 2,027. The agency even now is still processing
“NAFCU believes this proposal is unnecessary and should be withdrawn, but we appreciate NCUA’s willingness to seriously consider our members’ comments and concerns," Berger said.
“If adopted unchanged, this rule will leave NCUA with a legacy of
putting credit unions at a serious competitive disadvantage from their
bank counterparts and, quite possibly, out of business,” said Berger. “NAFCU will continue to advocate for a fair capital regime for our
members – even if ultimately we need to seek a legislative solution.”
Matz heard from 324 lawmakers more than two weeks ago in a letter
urging the agency to withdraw the rule or revise it. In her response,
she defended the proposed rule but said changes will be made.
NCUA is holding three listening sessions this summer in Los Angeles, Chicago and Alexandria, Va., where credit unions can raise their concerns in person with Matz and other agency representatives. NAFCU is encouraging its members to participate in the sessions.