ARLINGTON, Va.—NCUA Vice Chairman Kyle Hauptman met with NAFCU's regulatory committee this week to discuss several top credit union issues as well as his priorities moving forward.
During the meeting, Hauptman participated in a Q&A with committee members and answered questions on a variety of topics, including:
- The impacts the coronavirus pandemic has had on credit union net worth ratios and share growth
- The potential for an extended exam cycle for well-managed credit unions
- The NCUA’s proposed rule to create a three-year phase-in of the day-one adverse impacts of the current expected credit loss (CECL) standard on federally-insured credit unions' (FICUs) net worth ratios (currently, the standard isn't effective for credit unions until 2023)
- The importance of innovation and technology, specifically how credit unions can partner with emerging fintechs
In addition, the group reviewed areas where modernization of credit union rules, including risk-based capital (RBC) and risk-based net worth (RBNW), can be achieved through capital reform, NAFCU said.