The NCUA Board approved a revised risk-based capital rule at the agency's Jan. 15 board meeting, which reduced the number of credit unions subject to the new capital requirements and lowered the well-capitalized standard by 0.5%.

NCUA Board Member Mark McWatters voted against the proposed rule, arguing that the agency does not have the legal authority to implement a two-tier risk-based net worth system.

Credit unions with up to $100 million in total assets are exempt from the proposal and the well-capitalized standard dropped to 10% from 10.5% in the originally proposed RBC rule.

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