CUNA filed a comment letter Thursday in response to the NCUA’s proposed rule to increase the asset threshold for supervision by NCUA’s Office of National Examinations and Supervision (ONES) for credit unions from $10 billion in assets to $15 billion.
Under the proposed rule, credit unions between $10 billion and $15 billion (that are not currently supervised by ONES) would be supervised by their appropriate NCUA Regional Office. The proposed rule would not alter any regulatory requirements for covered credit unions.
“We are largely supportive of this proposal,” the letter reads. “However, we urge the NCUA to ensure there is sufficient expertise at the Regional Office level to properly supervise this new asset class (between $10 billion and $15 billion) without increasing any safety and soundness risks to the National Credit Union Share Insurance Fund (NCUSIF).”
As the agency finalizes this proposal, CUNA shared several suggestions: