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Washington
Credit rating equivalents proposed under Dodd-Frank
ALEXANDRIA, Va. (2/18/11)--The National Credit Union Administration (NCUA) adopted a proposal Thursday that would replace or remove references to credit ratings in NCUA’s regulations as specified by a provision in the Dodd-Frank Wall Street Reform Act. The proposal would affect credit rating references for investments, counterparty transactions, as well as other uses of such references. Essentially, the agency proposal would replace references to credit ratings such as “AA” with equivalent terms like “very strong capacity to meet its financial commitments.” The proposal would also revise the NCUA’s liquidation rules (12 C.F.R. part 709) to state that the agency will use its statutory power to repudiate contracts with respect to transactions involving investments transferred by a failed credit union. Use the resource link below to see the NCUA proposal.
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