ALEXANDRIA, Va. — As comment letters on the proposed risk-based capital rule flood into NCUA, the agency said it may consider delaying the rule's effective date.
NCUA confirmed to Credit Union Journal that Chairman Debbie Matz, speaking at the annual meeting of the Hawaii Credit Union Association Friday, said the 18-month timeframe, following a final risk-based capital rule, is not "etched in stone."
Matz stated that if "sensible reasons" are raised by comment letters to delay the effective date, the agency will consider that step.
The pace of comment letter submission has picked up as the May 28 deadline to submit letters approaches. Last week NCUA had received about 500, and the total reached 800 Monday morning, said NCUA Spokesperson John Fairbanks.
that asks the agency to take a close look at the impact the rule will have on credit unions. Legislators are asking NCUA not only to extend the rule's effective date, but also to justify and clarify why the proposal's risk weights differ from those applied to community banks.
"The proposed rule is a starting point for beginning public discussions on revising the agency's existing risk-based capital rule," Fairbanks pointed out. "NCUA, therefore, welcomes the feedback Congress has provided. NCUA will give careful consideration to this thoughtful input in the months ahead as the agency works to better calibrate the risk weightings and implementation period contained in the proposed rule."
