NCUA's McWatters Supports Second Risk-Based Comment Period: CUNA

WASHINGTON — New NCUA Board member Mark McWatters will oppose any risk-based capital proposal without another comment period for the credit union community.

McWatters, who met yesterday with CUNA interim President/CEO Bill Hampel and other senior staffers from the trade group, said that he "would not vote in favor of any risk-based capital (RBC) proposal if it does not include a second comment period," according to CUNA's NewsNow.

He supports a second comment period out of respect for the credit union industry, and because of broad bipartisan support for credit union concerns from Congress, CUNA said.

Credit Union Journal is scheduled to speak with Hampel later today for more details. NCUA representatives have not yet returned calls seeking comment.

McWatters, who was sworn in last month, attended his first NCUA board meeting Thursday.

CUNA staff also met with NCUA Board member Rick Metsger Thursday, who told NAFCU's Congressional Caucus here last week that he was "committed to" a longer implementation period on the rule, doubling the implementation time from 18 months to two years and giving CUs the chance to comment again as part of NCUA's three-year rolling regulatory review before the rule finally goes into effect.

"That's something I think would be an additional benefit," Metsger told the NAFCU audience.

Credit Union Journal will post updates throughout the day on this breaking story as it develops.