Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CU director's concern for members re: RBC plan sparks his 1st comment letter
WASHINGTON (4/14/14)--Until the risk-based capital plan was issued, Lou Gill, secretary and director of Chartway FCU, was happy to let his credit union's CEO take the lead on comment letters that addressed regulatory proposals. But this time it's different. Very different.

As a volunteer elected credit union official representing over 180,000 members, I have a responsibility to comment on this RBC proposed regulation because, if approved as written, it will change the future credit unions--and not for the good Gill agrees with CUNA and most credit unions that the industry needs a "smart and thoughtful" risk-based capital plan.

However, he also agrees this proposed regulation "is simply not it." The Virginia Beach, Va. credit union official says his review of the NCUA's 196-page plan showed the proposal would impede Chartway's ability to be competitive in the marketplace in providing sound and safe member financial services.

"Member/consumer lending, mortgage lending and the use of our collaborative CUSO (credit union Service organization) will all be impacted. Our credit union may be forced to reduce dividends on member shares and CDs. Traditional ALM/ALCO (Asset Liability Management/Asset Liability Committee) strategies will be replaced with the new proposed regulatory balance sheet requirements, adversely affecting all of our products."

Please, Gill urges all credit union representatives, work with your CEO, use CUNA's website (see resource link below) to provide NCUA your concerns and suggestions, share your comment letter with your federal lawmakers--before the May 28 deadline elapses.
RSS print
News Now LiveWire
Economic activity slowed in June, according to the #Chicago Fed's national activity index, released today #Market http://t.co/1pN6peM8my
10 hours ago
Money burns a hole in workers' pockets after payday, despite best intentions via @WSJeconomy http://t.co/A9SNiUdf9v
11 hours ago
"SAR Stats," new from #FinCEN, focuses on #bitcoin. See #NewsNow http://t.co/vS7iTwY2SW
12 hours ago
.@CFPB now accepts consumer complaints on prepaid cards, debt settlement services, credit repair services, and pawn and title loans.
13 hours ago
.@WellsFargo to process transactions in order received, not high to low http://t.co/g0jWJoegoJ
13 hours ago