WASHINGTON — As the American Bankers Association recently asked for more time to comment on Basel II beyond the Jan. 23, 2007 deadline, the corporate credit union version of risk-based capital is stalled.
Association of Corporate Credit Unions Interim Executive Director Eric Richard, general counsel for CUNA, explained, "The ACCU committees that look at that are planning to meet shortly to decide what to do about that." Sources have said that NCUA and the corporates have come to an impasse on the details of the proposal.
Richard said he is not sure if there is a middle ground, but the Capital Modernization Committee will be meeting Nov. 13 and ACCU's executive committee a few days later to determine what is the best next step for the corporate credit unions. Options are to modify the proposal the corporates have been working on, pursue the existing recommendation, or not to pursue the matter further, according to Richard.
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