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On January 15, 2015, the NCUA Board voted to approve for comments a new proposed rule on risk-based capital [“RBC”].
Changes included in the revised proposal include:
The proposal passed with a vote of 2 to 1. Chairman Matz and Vice Chair Metsger voted in favor of the proposal, while Board Member McWatters opposed the proposal. McWatters’ detailed statement is provided as an attachment below. In sum, McWatters stressed that he did not believe the NCUA board had the legal authority to establish a two tiered risk-based net worth [“RBNW”] system. He also expressed that he could not support even a single tier RBNW standard without including secondary capital in the calculation of the RBNW ratio as permitted by law. Additionally, McWatters opposed defining “complex” credit unions solely by their asset size. Finally, he expressed concerns for the cost of compliance on credit unions, especially small credit unions.
Comments are due April 27, 2015. The text of the proposal can be found here.
The tools and documents below will help your credit union determine how this proposal affects you. The information available today is a basic overview, but rest assured that Cornerstone and CUNA will be analyzing the proposal in great detail. We will share additional information and talking points to assist credit unions in crafting comment letters to NCUA. Visit this page regularly for updates.