FOR IMMEDIATE RELEASE
CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; firstname.lastname@example.org
Washington, D.C. (August 30, 2018) – The National Credit Union Administration (NCUA) Board unanimously issued its proposed Risk-Based Capital (RBC) rule at its August meeting. Comments on the RBC Supplemental Proposal are due September 7 and today Credit Union National Association (CUNA) submitted a comment letter for consideration.
CUNA maintains the position that the RBC rule in its current state is functionally unnecessary.
“RBC places significant unnecessary burdens on credit unions and needlessly coerces credit union asset allocations—all at a significant cost to credit union members,” the letter reads. “Should the agency choose to forego common-sense restraint and pursue the RBC rule as re-proposed, CUNA urges meaningful change.”
The rule would delay the effective date of the rule by one year, to Jan. 1, 2020. It would also raise the asset threshold for defining a complex credit union to $500 million, up from $100 million. According to NCUA, this means 90% of credit unions would be exempt from the rule.
CUNA continues to support legislative efforts to delay the effective date of the rule for a period of two years, until January 2021.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.