This Opinion piece from NAFCU CEO Dan Berger takes a hard look at the NCUA's proposed risk-based capital rule.
CUNA and NAFCU both throw their support behind credit union supporters like Sen. Mark Udall (D-Colo.) and Sen. Mitch McConnell (R-Ky.).
A new NAFCU study defending the credit union tax exemption says its elimination would deny Americans $17 billion in annual economic benefits.
The NCUA's capital proposal would require affected credit unions to hold $6.3 billion in additional capital to achieve current capital cushion.
Members surveyed also reported their average Target breach cost was $45,000.
Ceiling will automatically drop to 15% on March 10 without NCUA board action at Thursday's meeting.
House Financial Services spokesman said committee would examine data security, but would not answer specific questions about Target.
If the credit unions that generate the most cost to the share insurance fund are not going to hold more capital, why create new capital rules?
CUNA, NAFCU and NASCUS criticize proposal, which would require large credit unions to maintain a stress test capital ratio of at least 5%.
Trade group urges Congress to impose stricter rules, spread financial responsibility to retailers.