NCUA Execs Share Insights On PCA, Conversions, Rate Scenarios, And More
Below is a look at what three of NCUA's highest ranking officials had to say about a variety of issues during NAFCU's recent annual meeting here.
As noted on page 1 of this issue, the agency has particular concerns regarding issues related to outsourcing, including indirect lending. But NCUA is also keeping its eye on a variety of other issues.
NCUA General Counsel Robert Fenner, for instance, noted that while NCUA and the credit union trade groups are all pushing Congress for regulatory relief and an overhaul of Prompt Corrective Action (PCA) rules, "It's not going to happen this year."
But he also agrees, "7% is just too high. We're working to bring about changes to lower that requirement to a more realistic level."
As for new proposals related to conversions to private insurance or another form of charter: "It's not our intent to take away the right of self-determination, but to ensure it is done in an environment of full and open disclosure."