NEW: Matz: Revised RBC rule could be unveiled Jan. 15, 90-day comment period to follow
ALEXANDRIA, Va. (UPDATED 6:55 P.M. ET 11/21/14 )--National Credit Union Administration Board Chair Debbie Matz today announced that she will ask the board to consider a revised version of the risk-based capital proposal at its Jan. 15 open board meeting. Matz also said a 90-day public comment period would likely follow.
"During the six months since the comment period closed on the original proposed rule, we've taken the time to carefully review and methodically evaluate the many thoughtful comments received from stakeholders," Matz said. "We've also considered the input received during three Listening Sessions across the U.S. this summer. We're getting closer to issuing the revised proposed rule, which I now anticipate will be presented in January 2015--one year since the original proposed rule.
"To provide the public ample time to review this important safety and soundness rulemaking, I intend to support a 90-day comment period," she added.
The Credit Union National Association has strongly advocated for a reasonable comment period of at least 60 days, given the amount of structural changes that had been mentioned by NCUA, including longer implementation period and revised risk weights for mortgages, investments, member business loans, credit union service organizations and corporate credit unions.
More than 2,000 comments were received from credit unions, members of Congress and other stakeholders during the proposal's original comment period.