NCUA's final PCA rule gets NASCUS nod of approval

ARLINGTON, Va. - Recognizing that not all credit unions will be supportive of NCUA's recently released final PCA Rule and complex credit union proposal (CU Times, Feb. 9), the NASCUS (H.R.) 1151 Task Force commended NCUA for its openness and receptiveness to the association's suggestions and recommendations. "While the final PCA Rule and the complex credit union proposal will not be universally embraced by the credit union community, everyone must study these PCA rules against the backdrop of the very specific capital levels and regulators' remedies which the Congress made part of the industry's Credit Union Membership Access Act," said Parker Cann, director of credit unions, Washington State and chairman of the NASCUS task force. "Put in that perspective, the results of the joint effort by NCUA and State Regulators is minimally obtrusive while still in compliance with the provisions of the Act," Cann added. Mary Martha Fortney, vice president of government relations and accreditation estimates that many "complex" credit unions will find that the net worth they have is sufficient to meet the risk based net worth requirements, provided their portfolios are reasonably balanced.

Resource Center

View All »

How Enterprise Software Helps Financial Services Firms Improve Efficiency and Reduce Costs

This white paper describes how enterprise software solutions, when built on a flexible and adaptable technology platform, can help financial services firms streamline workflows, consolidate...