WASHINGTON (10/17/14)--As the National Credit Union Administration prepares to issue a revised risk-based capital proposal for comment, at least one lawmaker said he is interested in seeing the final rule.
Rep. Tom Marino (R-Pa.), in a letter sent to the NCUA Thursday, applauded the agency's decision to hold another comment period.
"I recognize the NCUA has undertaken an appropriate action to further improve the proposed framework and allow additional input regarding the risk-based capital rule, which if poorly drafted would adversely affect well-governed credit unions," he wrote.
But Marino said he has concerns about the proposal, most notably with the interest-rate risk portion of the plan. He urged the NCUA to conduct further research into its effects, including the use of "legislative history as well as supporting data."
Marino was one of the 324 representatives who signed a letter with concerns about the original proposal in May. A total of 334 representatives and 27 senators wrote in with concerns, as well as roughly 2,000 other commenters from the credit union community.
Matz announced in late September that the rule would be revised, and that there would be a second comment period. She anticipated that the amended proposed rule could be issued before the end of the year.