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Michigan Credit Union League

MCUL GAC: Credit Unions Question Regulators at Roundtable

Credit union representatives attending the 2015 MCUL GAC had a chance to ask regulators in-person questions about how the regulators oversee their industry.

The Regulator Roundtable Session was headed by John Kolhoff with DIFS, and Jason Schultz and Larry Schoeberl with NCUA.

A couple of the hot topics were NCUA’s revised risk based capital proposal (RBC 2) and cyber security.

MCUL EVP/COO Ken Ross said the first RBC proposal received 2,000 letters from credit unions across the nation and 200 of those letters were from Michigan credit unions.

He encouraged credit unions to submit a comment letter on the NCUA’s RBC 2 proposal. Letters are due April 27. He said letters should share their personal stories of how the proposal will impact their credit unions.

“If you think it is going to negatively impact you, how does it hurt you?” he asked.

NCUA representatives said cyber security is one of the regulator’s most pressing issues.

On a federal level, the question of whether regulators should issue a rule or just cyber security guidance is a topic for debate, according to Kolhoff. 

He said the goal is for regulators to look for ways to increase safety and soundness in the industry.

“At the end of the day our job should be looking at your systems and pointing weaknesses out in your systems,” Kolhoff said.
 

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2015-04-27 00:00:00