CUNA and NAFCU teamed up to request the NCUA extend the comment period for the proposed risk-based capital rule by 90 days.
“The risk based capital proposal is the most significant proposed rulemaking that credit unions will face this year and likely for years to come,” said a joint letter written by both trade organizations to the NCUA Board on Friday.
“Such an extension of the comment period will allow credit unions much needed additional time to review the provisions in the proposal in detail and analyze thoroughly the impact of such provisions on their current operations and plans for the future,” the letter also said.
The current comment period for the proposed rule, which was published in the Federal Register on Thursday, is 90 days.
The trade groups also said changing the comment period to 180 days would give credit unions more time to exercise “careful and thorough” consideration of the proposal with less pressure.
The letter from CUNA and NAFCU was addressed to NCUA Chairman Debbie Matz and copied to NCUA Board Members Michael Fryzel and Rick Metsger.
Many credit union CEOs have already expressed concerns about the proposed rule.
The NCUA is holding three listening sessions this summer on the risk-based capital proposal. CUNA has called on the agency to include the sessions in the official administrative record.
“I don't want to detract from the NCUA's decision to hold these sessions, but if comments about the proposed rule made at the listening sessions are going to be part of the administrative record and part of what the agency formally considers, credit unions will come prepared, more weight will be given to what they say, and it will be a more meaningful exercise,” said CUNA Senior Vice President and Assistant General Counsel Mary Dunn.
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