WASHINGTON, DC (April 8, 2014) – The National Association of Federal Credit Unions (NAFCU) issued the following statement in response to the National Credit Union Administration (NCUA) testimony before the House Financial Services Committee hearing held this morning, “Who’s In Your Wallet: Examining How Washington Red Tape Impairs Economic Freedom.”
“NCUA is seriously underestimating the impact of regulatory burden. Much more can be done to provide regulatory relief to credit unions,” said NAFCU President and CEO Dan Berger.
“Specifically, we hope that NCUA will heed and be responsive to credit unions’ comments regarding the proposed risk-based capital rule. Contrary to NCUA’s stated aim, the risk-based capital rule will be one-size-fits-all and create significant burdens because it will force all credit unions to adjust their capital, not just the 3 percent of credit unions NCUA currently estimates would be downgraded under the proposed rule.”
NAFCU unveiled its five-point plan for credit union regulatory relief in February 2013 along with a call for Congress to enact meaningful legislative reforms. Last December, NAFCU released its “Dirty Dozen” list that outlines 12 key regulatory provisions affecting credit unions that should be eliminated or amended.
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The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.