by. Keith Leggett
In a speech at the National Association of State Credit Union Supervisors’ annual State System Summit, National Credit Union Administration Board Chairman Debbie Matz announced the agency is drafting a proposed rule to require annual stress tests at credit unions with assets exceeding $10 billion.
There are currently four credit unions with at least $10 billion in assets with a fifth credit union nearing the threshold.
However, according to the NCUA press release, the agency has not made a decision about requiring the results of the stress test to be made public.
Section 165(i)(2) of the Dodd-Frank Act requires publication of a “summary” of the results of the stress tests for covered institutions. However, credit unions are not covered by this section of the Dodd-Frank Act, so there is not a legislative mandate to publicly disclose the results.continue reading »