CUNA would strongly oppose any rulemaking/regulatory activity in the area of climate-related financial risk beyond the request for information issued by NCUA, CUNA wrote to the agency Monday. CUNA’s comments were sent in response to NCUA’s request for information on climate-related financial risk.
“We wholeheartedly oppose any subsequent regulatory activity that would establish mandatory reporting procedures for credit unions or to otherwise prevent credit unions—directly or indirectly—from continuing to make independent business decisions as they deem most appropriate in order to serve their members,” the letter reads. “Credit unions know their operations, fields of membership, individual members, and potential risks best, certainly better than the NCUA, which appropriately focuses on the industry on a broad scale.”
CUNA adds that—if NCUA feels compelled to take subsequent steps in this area—it should be limited to informal guidance or educational resources.
“The NCUA should focus on providing credit unions with the resources they need to manage climate-related financial risks, rather than imposing any new regulations that will only hamper their ability to continue serving their members,” it reads.
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