NCUA's Fazio tells Senate Banking Committee 77% of credit unions could gain regulatory relief.
Exempting 77% of credit unions from a rule creates a two-tiered regulatory system.
WASHINGTON — NCUA's Fazio tells Senate Banking Committee 77% of credit unions could gain regulatory relief.
Had the RBC rule been in effect in 2009, NAFCU says more credit unions would have struggled to remain well-capitalized.
NAFCU believes the cost to the industry in capital alone does not match the true risk in the system.
Washington credit unions serve the state's legal recreational marijuana industry.
Citing the financial crisis as the catalyst for the NCUA's RBC proposal is an overgeneralization of a complex issue.
The financial crisis may seem like a thing of the past nowadays, but in the words of a philosopher, “those who do not remember the past are condemned to repeat it.”
Insufficient capital during the financial crisis helped caused natural person credit union failures that cost the share insurance fund $750M.
The event featuring NAFCU staff and the NCUA's Larry Fazio will broadcast from 1 to 2:30 p.m. on Friday.