Credit unions in Missouri are encouraged to take action and weigh in on the Risk-Based Capital proposal for credit unions with more than $50 million in assets.
The Credit Union National Association (CUNA) has developed a Risk-Based Capital Action Center (CUNA log-in required to view) to assist credit unions with their comment letters. Although it only affects credit unions $50 million in assets or more, smaller credit unions that anticipate growth are also urged to send in a comment letter.
CommunityAmerica Credit Union (Kansas City) CEO Dennis Pierce, who also serves as the CUNA Board Chairman, participated in a newly-released video to help explain concerns about the proposal and the advocacy efforts credit unions are urged to take. Click here to view the video.
“We need to be out there, preparing our comments,” states Pierce in the video. “I think the National Credit Union Administration (NCUA) does listen to those.”
Credit unions were urged to send in comment letters during the Missouri Credit Union Association (MCUA) Annual Advocacy Meeting. The proposal could add up to a projected $7.3 billion dollars in additional capital that credit unions would need to hold.
“The intent of a comment letter is to effectively influence the content of the final rule; when possible, provide the NCUA concrete examples as to how your credit union would be affected,” says Sarah Easley, MCUA regulatory compliance consultant. “The NCUA is more receptive to a complaint that is followed by suggested alternatives than to open-ended criticism. Therefore, feel free to provide solutions for consideration.”
The deadline for comments is May 28. Click here to take action.