WASHINGTON (10/16/14)--Due to the extent of changes being considered for the National Credit Union Administration's risk-based capital proposal, the Credit Union National Association is seeking a comment period of at least 60 days.
NCUA Chair Debbie Matz said last month that "significant structural changes" are being considered.
"A reasonable comment period would not only facilitate credit unions' understanding of the agency's changes and how they affect their operations, but also would help ensure comments provided to NCUA reflect thorough impact analysis that takes time to produce, especially when credit unions are already so busy serving their members and meeting regulatory requirements," wrote CUNA President/CEO Jim Nussle in a letter to Matz.
Separate letters were also sent to Vice Chair Rick Metsger and board member J. Mark McWatters.
Nussle called the risk-based capital proposal "the most significant rulemaking credit unions have faced for some time."
More than 2,000 comments were received from credit unions, members of Congress and other stakeholders during the proposal's original comment period. The topic also dominated the three Listening Sessions hosted by Matz over the summer.
Matz said in July that the implementation period for the rule is likely to be extended, and lower risk weights on investments, mortgages, member business loans, credit union service organizations and corporate credit unions are likely to be lowered as well (News Now July 22).