With the comment period ended Monday, the votes have all been cast on the NCUA's derivatives proposal. The message was clear: Credit unions and their trade groups want access to derivatives to go forward, but the regulator needs to sharpen its pencil and find a new way to both assess and cover costs if the program is going to be successful.
CUNA, NAFCU and NASCUS all praised the regulator for its willingness to enable credit unions to find new ways to control interest rate risk through "plain vanilla" swaps and caps derivatives.
But each group vehemently opposed the high cost of participation and the regulator's play-to-pay implementation strategies.
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