NAFCU, Members Attend NCUA Listening Session in L.A.
Washington (June 26, 2014) – National Association of Federal Credit Unions (NAFCU) Director of Regulatory Affairs Mike Coleman and Regulatory Affairs Counsel PJ Hoffman are on-site for National Credit Union Administration’s (NCUA) listening session in Los Angeles today. Credit union representatives are ready for a potentially wide-ranging exchange with agency officials and staff on concerns related to NCUA supervision and regulation, including NCUA’s risk-based capital proposal.
“We have a lot of members who are seriously concerned about how NCUA’s risk-based capital proposal could impact their bottom lines and services for members,” Coleman said. “NAFCU is taking every opportunity available to press the case for capital requirements that are fair for all credit unions.”
Coleman said that as NCUA considers next steps for this proposed rule, NAFCU will continue to press for significant changes, among them:
risk-weighting that does not place credit unions at a competitive disadvantage with community banks;
clear guidance on capital expectations instead of a potentially arbitrary “individual minimum capital requirement”; and
an implementation and compliance period of at least three years.
Given the recent comments from NCUA Board members regarding the significant changes that will be made to the rule before it is finalized, NAFCU continues to believe that NCUA should re-issue the proposed rule with any changes made using the input received from the comment period and these scheduled listening sessions.
More than a dozen NAFCU member credit unions are represented at today's session. The session, held at The Westin Bonaventure, is slated to run from 1-4 p.m. Pacific time.
The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.