ALEXANDRIA, Va. -- CUNA President/CEO Bill Cheney said today's actions were a good first step while NAFCU President/CEO Fred Becker said he was pleased and it could have been worse.
"It's a lot to digest. They are good changes that will protect the insurance. They are right in the sense we need to put this behind us," Cheney told Credit Union Times.
"We have to go back and study the details to see all the implications," he added.
Becker said the agency "did basically what we expected."
He added that the costs are "pretty good" even though nobody wants to pay.
Becker told Credit Union Times that the agency listened to the input of trade associations and credit unions and improved the proposed rules.