Director Richard Cordray said the bureau hasn't yet implemented all Dodd-Frank mandates and may require new reports.
CUNA told the NCUA in a comment letter on Friday that the agency’s proposed diversity standards would place a burden on credit unions.
Despite risk-weighting and 7% leverage ratio, the NCUA can require whatever it wants of your credit union’s capital.
After 1 in 7 credit unions filed quarterly 5300 reports late, the NCUA announces it will start fining violators.
While most agree credit unions should file reports on time, industry leaders also think regulator's fines are heavy handed.
Deputy General Counsel Mary Dunn says CUNA concerned about risk-based capital proposal details, which the NCUA has not shared with trades.
NAFCU calls penalties extreme, CUNA says they are unnecessary.
CUNA, NAFCU and NASCUS criticize proposal, which would require large credit unions to maintain a stress test capital ratio of at least 5%.
Appeals may delay final implementation while credit union trade groups watch for fee, other impacts.
According to the credit union industry's two major trade associations, the NCUA's proposed stress test rule is unnecessary because the four largest credit unions in the nation already conduct their own tests.