WASHINGTON–In the wake of a decision by the NCUA board to publish a request for information (RFI) on climate-related financial risk, CUNA is expressing concern it will eventually lead to new rulemaking.
“It is important that credit unions have the ability and autonomy to manage their operations in a way that best serves their member,” said CUNA President and CEO Jim Nussle. “While today’s action is simply a request for information, we caution against any subsequent NCUA rulemaking activity in this area. Credit unions know their members and their communities’ needs best.”
As CUToday.info reported, the 38-question RFI seeks comments “regarding current and future climate and natural disaster risks to federally insured credit unions, related entities, their members, and the National Credit Union Share Insurance Fund,” as well on potential future guidance, regulation, reporting requirements, and/or supervisory approaches management of climate-related financial risks.
During the board meeting at which the RFI was approved NCUA Chairman Todd Harper stressed on several occasions that any information gathered will not be used in examination or supervision and that any new climate-related financial risk requirements would require regulatory changes.
NCUA will accept comments for 60 days after publication of the RFI in the Federal Register.
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