Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NEW: CUNA RBC letter details plan's flaws, urges withdrawal
WASHINGTON (5/29/14, UPDATED 8:04 a.m. ET)--In a 47-page comment letter to the National Credit Union Administration, the Credit Union National Association Wednesday underscored the inherent flaws and damaging impact the agency's risk-based capital plan would generate, and recommended that the proposal be withdrawn. CUNA said the regulator has not provided an adequate justification for the major changes it is proposing.

The CUNA comment letter, signed by CUNA President/CEO Bill Cheney, emphasizes CUNA's willingness and desire to  work with the NCUA on both a comprehensive strategy and on a narrower new rule approach.
 
"Credit unions have been subjected to a number of new rules in the wake of the financial crisis, but none of them is as potentially harmful as this proposal," the CUNA comment letter, signed by CUNA President/CEO Bill Cheney, states.
 
"Indeed, the economic and legal issues spawned by the proposal are numerous, the policy questions are real, and, as evidenced by the overwhelming level of interest in this rule, the stakes for credit unions and their 99 million member owners could not be higher," the CUNA letter states.
 
Use the resource links to access the full News Now story and to access the CUNA comment letter.
RSS print
News Now LiveWire
Tech. advances don't dampen consumer #cybersecurity concerns #NewsNow http://t.co/HNn4Hojadv
22 minutes ago
.@TheNCUA board unanimously voted today to designate board member Rick Metsger as vice chairman, effective immediately.
1 hours ago
We really want to hear from our readers. Please take the News Now survey: http://t.co/BYiQ5vr5Ob
2 hours ago
Advanced technologies don't quell cybersecurity fears #NewsNow http://t.co/ZJ20bimRvv
3 hours ago
.@CentralMaineCom reports #creditunions have issued thousands of new cards to proactively protect members from Home Depot data breach.
4 hours ago