CU*Answers offers credit unions and individuals direct commenting on NCUA’s RBC proposal
GRAND RAPIDS, MI (May 16, 2014) — CU*Answers, the 100% credit union-owned, cooperative CUSO has created a website to allow individuals, credit unions and CUSOs to easily comment on NCUA’s proposed Risk Based Capital rules. These rules give NCUA examiners power to arbitrarily put credit unions into corrective action status, affects their ability to invest and diversify their portfolios, and undermines the cooperative nature of credit unions—their key differentiator in the financial industry.
“Never in the history of NCUA rule-making has it been necessary to classify a regulator as a risk to the credit union. However, we are not in normal times and the NCUA’s actions over the last few years are indicative of a governmental agency whose mission is to manage all the perceived risk out of a credit union’s operations,” said Jim Vilker, NCCO, Manager of AuditLink and VP of Professional Services at CU*Answers.
“Credit unions at the beginning of an exam considered well-capitalized could by the end of the exam be immediately placed into prompt corrective action (PCA).” Vilker has published a white paper detailing the proposal and what it means for credit unions. Callahan and Associates have done a webinar on the topic, and you can read existing comments to the proposal here. The commenting period on the proposed regulations end May 28th.
The website to add your comment directly can be found at http://auditlink.cuanswers.com/rbc/
About CU*Answers, Inc.
CU*Answers offers expertise in implementing technical solutions to operational needs, and is a leader in helping credit unions form strategic alliances and partnerships. CU*Answers provides a wide variety of services for credit unions including its flagship CU*BASE® processing system (online and in-house) and Internet development services featuring It’s Me 247 online and mobile banking. Additional services include web development, network design and security, and image check processing. Founded 40+ years ago, CU*Answers is a 100% credit union-owned cooperative CUSO providing services to credit unions representing nearly 1.5 million members and $12.6 billion in credit union assets. For more information, visit www.cuanswers.com.