CUNA continues new phase of RBC advocacy
WASHINGTON (9/4/14)--With more than 2,000 comments submitted and more than nine hours of Listening Sessions completed, the National Credit Union Administration's risk-based capital (RBC) proposal has been the subject of much discussion and debate. As the agency begins to take stock of the record vaolume of responses to the rule, Credit Union National Association officials will meet today with NCUA board member Rick Metsger.
"We will continue to press for key changes in the rule to lessen its impact on well-managed credit unions," said Mary Dunn, CUNA senior vice president/deputy general counsel.
CUNA interim President/CEO Bill Hampel, General Counsel Eric Richard and Dunn will meet with Metsger.
Metsger said over the summer that there is "significant review, analysis and revision ahead" before the NCUA's proposed RBC rule could be made final, noting that the implementation period, adjustments to risk weights and clarifying that only the NCUA board can raise individual capital requirements would likely be changed.
CUNA met with NCUA Chair Debbie Matz Tuesday to discuss the status of the RBC proposal. During that meeting, Hampel expressed concern about potential negative effects on credit unions' capital buffers and urged the agency to lower the proposal's definition of "well-capitalized."
Among the more than 2,000 comments received by the NCUA on the proposal are letters from 27 senators and 332 representatives from both parties expressing similar concerns with the plan.