NCUA, Credit Unions Share Lively Dialogue at Listening Session
June 27, 2014
July 1, 2014
Expect significant changes.
As expected, the proposed risk-based capital rule dominated the discussion, with credit unions continuing relentless weigh in about the effect the proposal as it is now outlined would have on long term credit union growth, and ultimately ability to serve members.
Nine credit union leaders represented Northwest credit unions. They were accompanied by Northwest Credit Union Association President & CEO Troy Stang and Director of Regulatory Affairs John Trull.
CUNA’s News Now reported a “lively back and forth” conversation which included a firm commitment from NCUA Chair Debbie Matz that “everything is on the table” and that there is “no rush” to finalize the rule. The regulatory agency continues in depth analysis.
“Chair Matz indicated the NCUA is doing a top-to-bottom evaluation of all the risk weights,” said Trull. “Weights the NCUA indicated they’re leaning toward changing include mortgages, Member Business Loans, investments in CUSOs and the weights on mortgage backed security investments.”
During the official comment period which ended May 28, more than 2,000 letters were filed expressing concerns about the rule. The NWCUA filed both an official comment letter and video; an excerpt of which, featuring Old West FCU’s Ken Olson, is available online.
Continued dialogue with the NCUA and the series of Listening Sessions over the summer months provide additional opportunities for input. Two similar events are planned for July 10 and July 17.
Questions about this story? Contact Lynn Heider: 503.350.2225, firstname.lastname@example.org.