ALEXANDRIA, Va.– The comment period is now open for NCUA’s request for information seeking comments on current and future climate and natural disaster risks to federally insured credit unions. Credit unions, trade groups and others can offer their feedback through June 26.
As CUToday.info was first to report, the NCUA board approved by a 2-1 vote putting the RFI out for comment. Both CU trade groups have expressed skepticism the comments will eventually turn into new rulemaking.
“The NCUA is seeking input that would strengthen its ability to identify and assess credit unions’ current and future climate and natural disaster risks,” the agency said. “The NCUA is also seeking stakeholder comments on opportunities to enhance its supervision and regulation of each regulated entity’s management of such risks.”
What’s Being Encouraged
In addition to seeking stakeholders’ views and experiences on the current and future climate and natural disaster risks faced by federally insured credit unions, NCUA said commenters are encouraged to provide comments on any and all relevant issues they believe the board should consider with respect to the financial risks associated with climate change.
“This includes, but is not limited to, risks posed to, or stemming from, field of membership, lending, investments, other assets, deposits, underwriting standards, insurance coverage, liquidity, and capital,” NCUA said.
The climate-related financial risk notice has been posted to the Federal Register with a 60-day comment period.