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NAFCU President and CEO Dan Berger on Monday lauded NCUA Board Chairman Debbie Matz's leadership in announcing the agency plans a second notice-and-comment period on the risk-based capital proposal – something NAFCU and its members have been seeking for the past year.

"We laud Chairman Matz's leadership and responsiveness to the myriad concerns that credit unions expressed regarding the initial risk-based capital proposal," said Berger. "We appreciate NCUA's review of the complex issues related to risk-based capital and look forward to working toward a rule that does not harm the industry."

Matz's announcement was followed with successive statements, also lauded by Berger, from NCUA Board Vice Chairman Rick Metsger and Board Member Mark McWatters supporting issuance of a new proposal for comment. Berger, noting the "devil is in the details," said NAFCU will aggressively press for changes in RBC risk weights and more.

Metsger said he strongly supports a second comment period and that he wants to see interest-rate risk separated from credit risk in the new proposed rule. McWatters said he would not consider RBC requirements for adoption unless they are re-proposed with a "robust" comment period of not less than 60 to 90 days. He said the original proposal is "deeply flawed" and merits "substantial revision."

McWatters, in a Sept. 18 meeting with Berger and Senior Vice President of Government Affairs and General Counsel Carrie Hunt, said he supported having a second comment period.

Matz, in her statement, reiterated her view that another comment period is only appropriate "if we decide to make significant structural changes that would exceed the parameters of the Administrative Procedure Act." She added, "Even though the changes we are developing would pose less of a regulatory burden than the original proposal, some changes would affect the rule's structure. Based on discussions with NCUA's General Counsel, I now believe it is prudent under the APA to ask for additional comments."

NCUA said based on stakeholder comments, the amended proposal will include a longer implementation period and revised risk weights for mortgages, investments, member business loans, credit union service organizations and corporate credit unions, among other changes.

The agency said stakeholders will also be invited to comment on an alternative approach for addressing interest-rate risk using the supervisory process.

Matz anticipates the NCUA Board could issue an amended proposal before the end of 2014.