Final count: 324 in House sign letter sent to Matz on RBC
May 16, 2014 – The NAFCU-supported letter from House members expressing concerns about NCUA's risk-based capital proposal garnered a total of 324 signatures before it was sent Thursday to NCUA Chairman Debbie Matz.
NAFCU President and CEO Dan Berger sent thanks to the letter's chief authors, Reps. Peter King, R-N.Y., and Gregory Meeks, D-N.Y., for their leadership in spearheading this message of concern to NCUA about the impact of the agency's proposed rule on credit unions. He reiterated the importance Thursday of NCUA "getting this rule right for all credit unions."
NCUA's proposed capital rule would affect all credit unions with more than $50 million in assets.
The letter lawmakers sent Thursday does three key things:
- It encourages Matz to consider the cost and burden for credit unions of imposing new risk-based capital requirements beyond the current leverage ratio and how those requirements might affect mortgage and small business credit availability.
- It asks Matz to give credit unions more time to comment for the record and, if the rule is adopted, more time in which to comply.
- It calls for "justification and more clarity" about why the risk weights in NCUA's proposed rule are different than the standards in place for other community financial institutions.
The deadline for comment letters to NCUA on the proposal is May 28. Matz has declined to provide an extension thus far.
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