WASHINGTON (4/25/14)--National Credit Union Administration Chairman Debbie Matz has again said no to a joint request by the Credit Union National Association and National Association of Federal Credit Unions to extend the comment period for the agency's risk-based capital proposal.
The credit union trade associations have twice requested a 90-day extension based on concerns that the current May 28 deadline does not give credit unions enough time to analyze the proposal's impact on their individual operations and to prepare their responses.
"Given the health of the credit union system, we do not see the need to rush this rule and believe more time for comments will also benefit the agency through the production of well-reasoned letters," CUNA President/CEO Bill Cheney and NAFCU President/CEO Dan Berger argued.
Matz in her response delivered Thursday noted her assurances that the agency is "prepared to make those changes to the proposal we conclude are fundamentally sound and justifiable from a public policy perspective." She also said that the RBC comment period is "one of the longest in NCUA history."
"I agree that that history is being made here," CUNA's Cheney said, "The proposed rule is one of the most significant ever for credit unions. For that reason I still believe credit unions deserve more time to consider all of the ways the proposal will affect them--and 90 days, or even 120, is just not enough."