NAFCU welcomes NCUA Chairman Matz’s statements on planned regulatory relief on fixed assets
WASHINGTON, DC (July 23, 2014) — National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger welcomed NCUA Chairman Debbie Matz’s announcement of regulatory relief initiatives during her speech today at NAFCU’s 47th Annual Conference and Solutions Expo, which runs through July 26 at The Venetian Las Vegas Casino, Hotel & Resort.
In her remarks, Chairman Matz said NCUA will propose to “effectively” eliminate the 5 percent cap on federal credit union investments in fixed assets at NCUA’s July 31 open meeting.
“We appreciate Chairman Matz heeding credit unions’ call for regulatory relief,” said Berger. “We welcome the agency’s responsiveness on this issue and value its efforts to actively engage the industry and consider the comments received on the proposed risk-based capital rule as well as other vital issues. We will continue to work with the agency to ensure that the necessary changes are made to the proposed rule, including adjustments to the risk weights and an implementation period that is sufficient for credit unions.”
NAFCU has long sought relief for federal credit unions from the 5 percent fixed-assets cap and has included it in the association’s “Dirty Dozen” list of rules it would like to see amended or eliminated.
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.