WASHINGTON — With more than 320 members of Congress signing on to a letter to NCUA urging it to extend the comment period and the implementation timeline for its risk-based capital proposed rule, credit unions are hoping the agency will take notice.
Reps. Peter King (R-N.Y.) and Gregory Meeks (D-N.Y.) have written a letter to NCUA urging the agency to give industry stakeholders more time to file comments on the proposal and to give credit unions more time to implement the rule once it is finalized. CUNA's Ryan Donovan said 322 members have agreed to sign the letter.
"I think the fact that an overwhelming bipartisan majority of members of the House have signed on should be a message that NCUA will hear and listen," said Brad Thaler, SVP-legislation at NAFCU. "The agency has to realize that it's not just credit unions and the trades. It's on Congress' radar now, and it's going to be up to NCUA to respond."
Thus far, pleas from credit unions and their trade associations to extend the comment deadline has fallen on deaf ears at NCUA, which has stuck by its original comment period. But when a bipartisan majority of the House of Representatives talks, the hope, Thaler said, is that NCUA will listen.
"NCUA needs to realize that this has opened Congress' eyes to what's happening at NCUA."
The letter could be sent to NCUA as early as close of business Tuesday, but given the logistics of collecting more than 320 signatures — and Thaler said he expects that number to grow even a little more — it may not be ready to send until Wednesday.
