NCUA Chairman Debbie Matz responded earlier this week to the September 16 letter from Representative George Holding (R-N.C.). Holding, who represents North Carolina’s 13th District, questioned NCUA’s legal authority under the Federal Credit Union Act and stated that the finalized rule should not unduly burden credit unions.
“I appreciate hearing from you on this important issue,” Matz responded. “And [I] share your interest in protecting the National Credit Union Share Insurance Fund and taxpayers from losses.”
Matz’s letter address several points raised by Holding in his inquiry, including:
Reason for the proposed rule
Impact of the proposed rule
NCUA’s authority to impose different risk-based capital standard on well and adequately capitalized credit unions
Need for a second comment period
Matz concluded her letter by noting the feedback she had received from North Carolina credit unions.
“The many comments received during the comment period by credit unions of all types and sizes, including credit unions from North Carolina, are helping us to refine and improve the proposed rule,” Matz wrote.