May 22, 2014

Hunt in CUJ: CUs need more RBC comment time

May 23, 2014 – NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt told Credit Union Journal that credit unions need more time from NCUA for comments on the agency's proposed risk-based capital rule, saying credit unions feel "frustrated and rushed."

"We are continually hearing from our members — who are trying fast and furiously to get their comments in — that they feel frustrated and rushed," Hunt said. "I know NCUA has received a significant number of comments, but I wonder what the quality of the comments has been, compared to what credit unions could have sent had they had time to include additional data to back up some of their comments."

The CU Journal said the number of comments sent to NCUA increased significantly this week – going from around 500 to 1,000 over the course of three business days.

Hunt told the paper that the potentially extensive changes to the proposal still pending mean that NCUA should open another comment period. NCUA Board Chairman Debbie Matz responded, "I think based on the comments we are getting and then the Listening Sessions, we will have as much information as we need to go final with the rule. I don't want to say never, but it is not my intent to have another comment period."

NAFCU continues to communicate its numerous concerns about NCUA's proposed capital rule and is encouraging all credit unions to submit their comments by the agency's deadline of May 28.