WASHINGTON, DC (October 24, 2013) -- National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement on the National Credit Union Administration’s (NCUA) announcement today regarding the agency’s actions on the liquidity rule and stress testing.
“While NAFCU understands NCUA’s policy goals, two of the NCUA’s actions today are symptomatic of the agency’s regulatory plunge into areas where new regulations are simply unnecessary. The liquidity rule, for example, was issued despite the fact that credit unions already have access to multiple sources of liquidity, and for those who do not, the NCUA could have used far less restrictive means to accomplish its goal of ensuring that all credit unions have access to emergency sources of liquidity. Ultimately, NAFCU supports appropriate liquidity measures from a wide variety of sources including Federal Home Loan Banks. Additionally, the proposed rule on stress testing is put forth by the agency even though the NCUA is aware that the largest credit unions already conduct stress testing on their own.”
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