April 17, 2014

NAFCU, CUNA ask 90 days more on RBC rule

April 18, 2014 – NAFCU and CUNA yesterday repeated their call to NCUA for a 90-day extension in the public comment period, currently set to end May 28, on the agency's risk-based capital proposal.

The two groups first asked for an extension in February, but that request was denied. Writing all three NCUA Board members Thursday, NAFCU President and CEO Dan Berger and CUNA President and CEO Bill Cheney said credit unions need the added time to evaluate and comment on the proposed capital rule as they struggle to satisfy numerous new regulatory requirements in 2014.

Echoing their previous requests, the trade group leaders called this proposed rule the most significant proposed rulemaking that credit unions will face this year and likely for years to come."

"Given the health of the credit union system, we do not see the need to rush this rule and believe more time for comments will also benefit the agency through the production of well-reasoned letters," Berger and Cheney wrote.