With 56 days left to comment credit unions and credit union members have been busy telling NCUA what they think of the RBC proposed rule. Based on the initial comments that NCUA has posted to their website, it looks like there will be little support for the RBC rule as proposed. Many credit unions have told the story of the rule from their perspective, focusing on how the rule will limit lending or growth of the credit union movement. Some organizations like NACUSO have focused on risk weightings, such as for CUSO investments. Although the reasons may vary, the message is the same: NCUA needs to withdraw or substantially modify this proposal.
The best way to ensure that NCUA knows what you think about this rule is to write a comment letter. Fortunately CUNA has made this very easy. CUNA has created an automated tool to help our members comment to NCUA. We hope that to see many more comment letters that detail all of the issues credit unions have with the RBC proposed rule.
CUNA also encourages members to provide us with information so that we can draft a comment letter that captures the important issues. You can email us at RBCblog@cuna.coop or leave comments on our blog with information for our comment letter.