WASHINGTON (5/12/14)--Interested in attending one of the National Credit Union Administration's three listening sessions on its risk-based capital proposal? You'd better hurry up, as spaces are filling up fast, the Credit Union National Association reminds.
Each listening session with Chairman Debbie Matz is open to 150 attendees. The June 26 session in Los Angeles already has 76 registrants, 101 have registered for the July 10 session in Chicago and 87 have registered for the final listening session in Alexandria, Va.
"The NCUA is hosting the sessions as a result of pressure from CUNA and others to provide a forum for credit unions to speak directly with the agency regarding the proposed rule," CUNA Deputy General Counsel Mary Dunn said.
CUNA will be attending each of the sessions and will be working with the leagues to ensure credit unions' concerns are heard by the agency, she added.
The NCUA proposal would make changes to Prompt Corrective Action rules that would replace existing risk-based net worth requirements with new risk-weighted asset and capital requirements. The rule would apply to federally insured "natural person" credit unions with more than $50 million in assets.
CUNA supports risk-based capital. However, the association strongly opposes the proposal the NCUA has issued for comment. Working with CUNA's Examination and Supervision Subcommittee, CUNA is developing its comment letter, which it says will reflect major concerns and present a range of recommendations to make the proposal workable.
CUNA is encouraging all credit union with assets above $40 million to consider how the proposal will affect their operations and to file a comment letter.
To sign up for the NCUA sessions and access CUNA's RBC Action Center, use the resource links.