Metsger on Risk-Based Capital: Video CUTs
NCUA Board Member Rick Metsger told CU Times the comment period for the proposed risk-based capital rule should not be extended through the agency’s summer listening sessions.
The current 120-day comment period ends on May 28. CUNA and NAFCU’s second request for an extension has been denied by the NCUA.
“What is important for us to do is to have those written comments in so that we can address all of those in an effective way once we have the listening sessions and take each issue that has been brought up,” Metsger said after the agency’s monthly board meeting on Thursday.
CU Times asked Metsger if the comment period should close after the summer listening sessions are over.
“No, because essentially we’re always listening and people are always commenting and we’re going to be taking the information and having a dialogue during the listening sessions,” Metsger said in response.
NCUA Board Chairman Debbie Matz called the extension requests delay tactics.
“I don’t see what the extended comment period would do except delay the implementation of the rule and my suspicion is that’s what this is all about. It’s really a delaying tactic thinking that it would just take longer to implement and maybe somehow it would not be implemented,” Matz said.
“I feel very confident that there will be significant changes made to it based on the comments that we’ve received but I feel it’s an important rule and we have to go forward with it as soon as we can,” she added.
NCUA Board Member Michael Fryzel disagreed.
“There is no rush here to get it done. Let all the comments come in. If they need more time to tell us what they’re thinking, absolutely let them have that time,” Fryzel told CU Times after the monthly board meeting on Thursday. “I would like Chairman Matz to bring that issue to the full board and let the board make the decision as to whether or not additional time should be granted.”