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FOR IMMEDIATE RELEASE

NAFCU, Members Attend NCUA Listening Session in Chicago

Washington (July 10, 2014) – National Association of Federal Credit Unions (NAFCU) Regulatory Affairs Counsel PJ Hoffman is on-site for the National Credit Union Administration's (NCUA) listening session in Chicago today. The session will feature questions from credit union representatives with agency officials and staff on concerns related to NCUA supervision and regulation, includingNCUA's risk-based capital proposal.

"With this being NCUA's second listening session, credit unions are still coming in droves to express their concerns regarding the agency's sweeping, risk-based capital proposal," Hoffman said. "NAFCU and the credit union industry are taking every opportunity available to press the case for capital requirements that are fair for all credit unions, and we hope NCUA heeds our call."

As NCUA considers next steps for this proposed rule, NAFCU will continue to press for significant changes, among them:

• risk-weighting that does not place credit unions at a competitive disadvantage with community banks;
• clear guidance on capital expectations instead of a potentially arbitrary "individual minimum capital requirement"; and
• an implementation and compliance period of at least three years.

Given the serious implications of the rulemaking and the major changes that could occur with the proposal, NAFCU continues to believe that it is only fair that credit unions should have the opportunity to comment on any changes to the rule.

During the agency's first listening session in Los Angeles, NCUA Board Chairman Debbie Matz said a second comment period for the proposal is unlikely, but the agency will take it "under advisement." NAFCU strongly believes a collaborative and deliberative process is key to a rule that does not inadvertently harm the industry.

More than a dozen NAFCU member credit unions are represented at today's session. The session, held at the InterContinental Chicago Magnificent Mile, is slated to run from 1-4 p.m. Central time.

The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.