NAFCU President and CEO Dan Berger and NCUA Chairman Todd Harper Monday discussed credit union concerns and priorities on a number of key issues, including the need for increased capital flexibility during the coronavirus pandemic and various opportunities for capital reform. NAFCU Executive Vice President and General Counsel Carrie Hunt and Director of Regulatory Affairs Ann Kossachev also joined the meeting.
The NCUA last month unanimously approved an interim final rule (IFR) regarding federally-insured credit unions’ (FICUs) asset thresholds.
NAFCU has previously advocated for this flexibility to provide relief for credit unions and parity with a similar rule from the federal banking regulators. As credit unions have seen a large influx of deposits over the past year resulting from coronavirus-related relief efforts and changes in members’ financial habits, NAFCU has flagged concerns for credit unions approaching the $10 billion threshold, at which point the CFPB also has supervisory authorities.
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