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NAFCU President and CEO Dan Berger suggested in an editorial published by The Hill that members of Congress remember the adage to "measure twice, cut once" as they consider NCUA's risk-based capital proposal.

"The craftsmen's proverb is ideally suited to underscore the necessary caution that should be adopted in reviewing this proposal," Berger wrote. "As any carpenter knows, once you make a cut, it is often impossible to correct a mistake. And even if you do, it is never the same as it would have been if you took proper care the first time and did the job correctly."

Berger commended the numerous lawmakers who have also conveyed their issues about this proposal including the 324 legislators who wrote NCUA Chairman Debbie Matz to express concerns about the rule and its potential effects on credit unions. He also pointed to the efforts of Reps. Ed Royce, R-Calif., and Blaine Luetkemeyer, R-Mo., to require NCUA to study its proposal more before finalizing the rule as well as Rep. McHenry's, R-N.C., urging that NCUA exercise great caution in its pursuit of this proposal.

Berger expressed appreciation for the agency's indication that it would make "significant changes" to the current proposal. However, he reiterated NAFCU's position that the rule needs reasonable risk weights, an implementation period of at least three years and a second comment period subsequent to the agency's changes.