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NAFCU's Regulatory Committee, made up of association-member credit union representatives, yesterday discussed a couple NCUA actions: the pending interest-rate risk supervisory test and the budget briefing set for Oct. 27.

The committee members also discussed their thoughts and concerns related to the recent lawsuit filed by the Independent Community Bankers of America against NCUA's member-business lending rule. Last month, NAFCU and CUNA announced they are joining forces in their commitment to protect credit unions' interests by challenging the lawsuit.

NCUA's new IRR supervisory test will be based on a credit union's net economic value and shock assumptions, with some modifications to account for the agency's standardized treatment of a credit union's liabilities. An NCUA Letter to Credit Unions, which will include the IRR supervisory test, is due out anytime.

Committee members also discussed any specific questions or concerns they have related to NCUA's upcoming budget briefing, scheduled from 2-4 p.m. Eastern Oct. 27. The agency is expected to release its budget briefing materials this week.

NAFCU's Regulatory Affairs staff also briefed committee members on yesterday's ruling by the U.S. Court of Appeals for the D.C. Circuit that CFPB's structure is unconstitutional because it is headed by a single director rather than a multi-member board.