According to the credit union industry's two major trade associations, the NCUA's proposed stress test rule is unnecessary because the four largest credit unions in the nation already conduct their own tests.
Both CUNA and NAFCU also expressed concerns over the cost of complying with the rule.
"The agency [NCUA] will be conducting the stress testing and it's going to cost, according to them, $4 million just in the first year to conduct this stress testing—that's $1 million for each one of them," said Mary Dunn, CUNA senior vice president and deputy general counsel.
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