WASHINGTON — CUNA and NAFCU are asking NCUA to extend the comment period on the proposed risk-based capital rule another 90 days.
The current deadline for comments to be submitted to the agency is May 28.
In a joint letter sent Friday to NCUA Chairman Debbie Matz, the trade associations asked for the extension due to the scope of the rule and its potential impact on credit unions, stating the rule is the "most significant proposed rulemaking that credit unions will face this year and likely for years to come."
CUNA and NAFCU shared that an extension is needed to give CUs the time necessary to review the rule and determine the effects on their operations and future plans.
The letter, co-signed by the trade associations' heads — CUNA's Bill Cheney and NAFCU's Dan Berger — stated that many credit unions are "reeling" from responsibilities around implementing a variety of major new rules, including the Consumer Financial Protection Bureau's mortgage and international remittance transfer rules.
"We urge the agency to be mindful of those obligations as it considers this request," the leaders wrote.
CUNA and NAFCU argued that the extension would "ensure that comments and recommendations regarding the proposal reflect careful and thorough consideration without the pressures of time that will limit credit unions' analyses and the development of their comment letters."
The extra time would also allow NCUA to include into the rule review feedback from this summer's NCUA Listening Sessions, which are scheduled to occur after the current comment period ends.
The extension request is consistent with the Administrative Procedure Act that allows federal agencies to extend comment periods, the letter noted.
