WASHINGTON (5/23/14)--With only three business days left in the comment period for the National Credit Union Administration's risk-based capital (RBC) proposal, almost 900 comment letters already have been sent. In addition to the King-Meeks letter signed by 324 members of Congress, Sen. Al Franken (D-Minn.) submitted a letter last week, and former Senate Banking Committee Chair Al D'Amato has commented as well.
Sen. Heidi Heitkamp (D-N.D.), a member of the Senate Banking Committee, submitted a comment letter of her own Thursday, urging the NCUA board to commit to transparency during the process and incorporate feedback from industry participants.
"Credit unions have served farmers and ranchers for many years, by making safe and affordable agricultural loans," she wrote. "Several North Dakota agricultural groups are concerned the proposal risk-based capital rule will negatively affect agricultural lending in my state."
A letter signed by members of five different North Dakota-based agricultural organization also cautioned against the effects of changes to current RBC rules.
"It is because of this history of safe and sound loans that Congress created an exemption for rural based credit unions so that they would not be subject to the 12.25% cap on business lending," the letter reads. "If the RBC rule were to be finalized as proposed, this exemption would become moot and many credit unions may have to discontinue or decrease agricultural lending."
State credit union leagues, credit unions and other stakeholders have also contributed to the nearly 900 comment letters received by the NCUA, including the following:
To read more of Carter's comments, as well as a sampling of other comments received by the NCUA, use the resource link.