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Senator Scott addresses RBC concerns in letter to NCUA Chairman Matz

Wednesday, May 28, 2014   (0 Comments)
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Earlier this month, members of the U.S. House of Representatives in North Carolina and South Carolina sent a letter to the NCUA regarding the risk-based capital proposal. And this week, Senator Tim Scott (R-SC) added his voice to the discussion in a letter delivered to the NCUA on Tuesday, May 27, 2014.

In his letter, Scott encourages the NCUA Board to consider making changes to ensure that the rule is implemented consistent with current law, does not unduly burden credit unions, and does not adversely affect healthy credit unions ' ability to meet the needs of their members.

Specifically, I encourage the Board to 1) take into account the cost and burden of implementing additional capital requirements beyond the current successful leverage ratio, 2) bring the proposed risk weightings in line with those applied to other community financial institutions, and 3) give credit unions more time than the proposal’s allotted 18 months to come into compliance after it is finalized.

A copy of the full letter can be found here.