Donovan thanks NCUA for RBC work, says additional work needed
The NCUA board deserves thanks for its work on risk-based capital, but more work is needed, CUNA Chief Advocacy Officer Ryan Donovan wrote in Credit Union Times Tuesday. The board is scheduled to vote on the final RBC rule at its Thursday meeting.
“The NCUA’s proposed rule is good, albeit imperfect. It would provide credit unions additional time to comply with the RBC rule, and, most importantly, it would narrow the focus of the rule, exempting 90% of credit unions,” Donovan wrote. “While CUNA supports a longer delay and other substantive modifications to the rule, the proposal’s changes are important and will provide relief.”
Donovan thanked NCUA Chairman J. Mark McWatters and board member Rick Metsger for working through different stances on risk-based capital to find “common ground to secure important regulatory relief” for credit unions.
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