February 28, 2014

NAFCU, CUNA urge 90-day extension on risk-based capital

March 3, 2014 – The presidents of NAFCU and CUNA joined Friday in urging NCUA Board Chairman Debbie Matz to extend the comment period on the agency's risk-based capital proposal by an additional 90 days.

In a joint letter to Matz, NAFCU President and CEO Dan Berger and CUNA President and CEO Bill Cheney said the extension would also be useful to NCUA, which would be able to include in the administrative record on this proposal any related comments and recommendations received during the NCUA listening sessions planned for June and July. They called the proposed rule "the most significant proposed rulemaking that credit unions will face this year and likely for years to come."

The two also urged NCUA to be mindful that credit unions continue to struggle from regulation implementation responsibilities under a slew of major new rules from NCUA as well as CFPB.

Comments on the proposed rule are currently due May 28.