NCUA Board Member J. Mark McWatters said he would vote against a final risk-based capital rule that includes a two-tier net worth standard.
McWatters, who voted against the revised proposed risk-based capital rule, told CU Times the legal opinion rendered by the NCUA was weak.
"If the proposal goes to final and there's a two-tier structure in there, as there is today, than I will not support the rule. I will not support a rule that based upon 30 years of legal experience, including experience reading a lot of statutes and regulations while serving on the legal opinion committees of large national law firms and signing a lot of legal opinions myself, violates the Federal Credit Union Act," McWatters said in an exclusive interview.
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