LAKE FOREST, Ill.—It’s time for credit unions and banks to speak up if they want to avoid potentially huge overdraft changes led by the CFPB.
THE feature
LAKE FOREST, Ill.—Get ready for life without overdrafts—and for the potential loss of more than $6 billion in revenue annually to credit unions.
ALEXANDRIA, Va.—While NCUA has now put out for comment its revised proposal on risk-based capital, one of the agency’s three board members has made very clear that he does not believe the agency is standing on firm legal ground with the plan.
OAK HARBOR, Ohio—Thomas Renz thinks the new risk-based capital rule is “absurd,” saying the 10% threshold for a CU to be well capitalized is ridiculous.
NORTH LIBERTY, Iowa—Amid opposing legal opinion letters on NCUA’s authority to issue a two-tiered RBC rule, and discussions about whether a risk-based capital plan is necessary at all, several CU executives see the new proposal as a significant improvement over its predecessor and workable.
WASHINGTON—Keith Leggett thinks NCUA “threw in the towel” with its new risk-based capital proposal.
ALEXANDRIA, Va.—CUToday.info has obtained a copy of the legal opinion letter at the heart of a controversy over whether NCUA can create a two-tiered risk-based capital plan, or whether Congress’ intent and the Federal Credit Union Act prohibit anything other than a one-tier plan.
ALEXANDRIA, Va.—The NCUA board Thursday voted 2-1 to approve the new proposed risk-based capital rule. Board Member Mark McWatters cast the dissenting vote. McWatters said NCUA lacks the authority to issue a two-tiered RBC rule.
MADISON, Wis.—The balances on adjustable-rate mortgages at credit unions are up 16.3% over the last 12 months, and analysts say the growth has as much to do with ALM concerns at CUs as it does with growing consumer interest in the lowest-priced option.
WASHINGTON—The fight between credit unions and banks won’t go on forever, maybe not even for 20 more years, asserts Keith Leggett. Leggett, who is often the face—certainly to credit unions—of the American Bankers Association, made that prediction during an interview with CUToday.info.