ARLINGTON, Va.—Just days after NCUA announced a second risk-based capital proposal is coming along with a new comment period, NAFCU is lobbying
Congress to make sure it keeps the pressure on the agency.
In recent months, with credit unions feeling NCUA was not listening to their concerns over the RBC plan and with Chairman Debbie Matz saying there would not be a second comment period, the trade groups turned to Congress to ensure their voices were heard. That led to a hearing along with letters from various members of Congress to NCUA. The agency has now announced a second comment period will be held after it introduces its revised proposal.
NAFCU VP of Legislative Affairs Brad Thaler sent a letter to Senate Banking Chairman Tim Johnson, Ranking Member Mike Crapo, House Financial Services Chairman Jeb Hensarling and Ranking Member Maxine Waters thanking lawmakers for their continued oversight with respect to risk-based capital and for expressing their concerns to NCUA regarding this proposal. Members of the Senate Committee on Banking, Housing, and Urban Affairs and members of the House Financial Services Committee were copied on the letter.
Thaler then urged continued vigilance on NCUA's rule-making on risk-based capital. He also reiterated the need for Congressional action on risk-based capital and supplemental capital.
"NAFCU is hopeful that the proposed changes will represent a more fair system for credit unions," he wrote. "We would urge you to remain vigilant in your oversight of this rulemaking and stand ready to provide additional comment to the agency and take action if the re-proposal warrants it."
Thaler noted that Congressional action is needed on legislative proposals to bring about capital changes for credit unions such as allowing credit unions to have access to supplemental capital sources, and making the statutory changes necessary to design a true risk-based capital system for credit unions.