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NCUA, NAFCU talk capital, Basel III
NAFCU is in discussions with NCUA over international Basel III capital rules, which NAFCU maintains do not fit the capital structure established for credit unions under the Federal Credit Union Act.
Congress is reviewing the Basel III model for its impact on the banking industry. The general view among those involved, including members of the House Financial Institutions Subcommittee on Financial Institutions and Consumer Credit, is that Basel III isn't a good fit for community banks.
There has been no move to apply Basel III to credit unions, and NAFCU has told the Federal Reserve Board as well as NCUA that these standards aren't suitable for not-for-profit, cooperative financial institutions.
During a hearing last week, Financial Institutions Subcommittee Chairman Shelley Moore Capito, R-W.Va., also warned that Basel III could have a particularly negative impact on mortgage lending if the CFPB's ability-to-pay rule defines "qualified mortgage" too narrowly.
NAFCU will provide an update on the Basel III issue, CFPB's definition of qualified mortgage and more during the Dec. 6 Member Call-In.
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