The Nussle Report – RBC delayed by 1 year

NCUA delays RBC by one year: NCUA’s decision to delay its risk-based capital rule by one year is a step in the right direction, but we believe it’s still a solution in search of a problem. We’re continuing to push for a two-year delay through multiple pieces of legislation. Read more.

Beware bank-backed letter trying to divide the movement: As part of their attacks on the credit union tax status this fall, banks are partnering with outside groups asking small and mid-size credit unions to sign a letter to Congress that says large credit unions should be taxed. As we all know, credit unions are exempt from federal income tax because of their structure as not-for-profit financial cooperatives and their mission to promote thrift and provide access to credit for provident purposes—it has nothing to do with asset size.

To be clear, this is an attack on the entire movement, and if you receive this letter, I urge you not to sign it and alert our small credit union engagement consultant Tom Sakash at tsakash@cuna.coop.

We’re ramping up our efforts to stop the data breaches: In last week’s Nussle Report, I announced our new Member Activation Program to “stop the data breaches.” While we use MAP and our grassroots network to motivate our 110 million members to contact their representatives in Congress, we’re continuing our push through traditional channels.

 

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