As MCUL & Affiliates and Michigan credit unions anxiously await the arrival of the NCUA’s revised Risk Based Capital proposal, a favorable development was presented late last week.
After receiving more than 2,000 comments from credit unions and trade associations across the country – and nearly 100 letters from our Michigan credit union delegation – NCUA Chair Debbie Matz issued a statement that she and fellow board members are now in favor of an expanded 90-day comment period when the new RBC proposal is released by the NCUA in early 2015, according to CU Times.
Credit unions from across the country have said called the proposal fundamentally flawed. In a May letter to CU Journal, MCUL & Affiliates CEO David Adams said the proposal amounted to a “regulator-driven diminishment or destruction of our industry.”
Because the new version of the proposed rule is expected to be so comprehensively changed from the first version, many in the credit union community have called for NCUA to have a second comment period. In fact, new board member Marc McWatters has said he would not vote in favor of the new rule without it.