FOR IMMEDIATE RELEASE
Contact: Vicki Christner – CUNA Communications; 202-508-6754; email@example.com
Washington, DC (April 17, 2015) – The Credit Union National Association (CUNA) firmly believes that the National Credit Union Administration’s (NCUA) second Risked-Based Capital proposal (RBC2) remains fundamentally flawed and should be withdrawn, CUNA states in the association’s comment letter on the proposal. If the agency finds the proposal necessary, CUNA strongly urges the agency to make the substantial improvements recommended to the agency in its comment letter.
“We listened to our members in developing this letter on NCUA’s risk-based capital proposal,” said Jim Nussle, President and CEO of CUNA. “We heard from CUNA’s Governmental Affairs Committee and its Examination and Supervision Subcommittee, from members of CUNA’s CFO Council, from many credit union CEOs and volunteers, and from leagues. Their input was vital in shaping our response to what I believe is a solution in search of a problem that doesn't exist.”
Withdrawing the proposal, CUNA’s letter states, is essential because the agency has failed to demonstrate the need for the proposal:
In the event that the proposal isn't withdrawn and the agency believes the new rule is necessary under current law, CUNA recommends a number of changes and further improvements outlined in its letter, including:
The association’s letter states that CUNA believes “the proposal is fundamentally flawed and, in certain areas, exceeds NCUA’s statutory authority. We urge NCUA to withdraw the proposal and, in lieu of that, we strongly encourage NCUA to make substantial improvements to the proposal consistent with our comments herein.”
With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves America's credit unions, which are owned by more than 100 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information about CUNA, visit www.cuna.org or follow @CUNA on Twitter. For more information about credit unions, visit www.aSmarterChoice.org and follow @asmarterchoice on Twitter. Visit the CUNA Press Room for a full listing of media mentions, press releases and resources to stay informed on current events within the credit union industry.