CUNA and NAFCU teamed up to request the NCUA extend the commentperiod for the proposed risk-based capital rule by 90 days.

“The risk based capital proposal is the most significantproposed rulemaking that credit unions will face this year andlikely for years to come,” said a joint letter written by bothtrade organizations to the NCUA Board on Friday.

“Such an extension of the comment period will allow creditunions much needed additional time to review the provisions in theproposal in detail and analyze thoroughly the impact of suchprovisions on their current operations and plans for the future,”the letter also said.

The current comment period for the proposed rule, which waspublished in the Federal Register on Thursday, is 90 days.

The trade groups also said changing the comment period to 180days would give credit unions more time to exercise “careful andthorough” consideration of the proposal with less pressure.

The letter from CUNA and NAFCU was addressed to NCUA ChairmanDebbie Matz and copied to NCUA Board Members Michael Fryzel andRick Metsger.

Many credit union CEOs have already expressed concerns about theproposed rule.

The NCUA is holding three listening sessions this summer on therisk-based capital proposal. CUNA has called on the agency to include the sessions in the official administrativerecord.

“I don't want to detract from the NCUA's decision to hold thesesessions, but if comments about the proposed rule made at thelistening sessions are going to be part of the administrativerecord and part of what the agency formally considers, creditunions will come prepared, more weight will be given to what theysay, and it will be a more meaningful exercise,” said CUNA SeniorVice President and Assistant General Counsel Mary Dunn.