WASHINGTON (5/29/14, UPDATED p.m. ET)--More heavy hitters from Capitol Hill have weighed in with concerns about the National Credit Union Administration's proposed risk-based capital proposal. House Financial Services Committee Chair Jeb Hensarling (R-Texas) and Rep. Shelley Moore Capito (R-W. Va.), who heads one of the panel's key subcommittees, just added their voices to the approximately 1,850--and counting--letters that have flooded the agency.
Credit Union National Association President/CEO Bill Cheney thanked Hensarling and Capito for weighing in on what CUNA has called a "seriously flawed" plan.
"CUNA, the state credit union leagues and credit unions have worked tirelessly to explain concerns with the NCUA's proposed plan and we are grateful to Hill leaders like Reps. Hensarling and Capito for hearing us and acting," Cheney said Thursday.
At issue is the NCUA proposal that would impose on credit unions with greater than $50 million in assets new standards that restructures the agency's current "prompt corrective action" regulation to involve calculation of a capital-to-risk-assets ratio.
Watch News Now Friday for details on the Hensarling-Capito letter.