The NCUA is primarily focused on addressing corporate safety and soundness issues, and less interested in tinkering with the structure of the system, said Brad Miller, executive director of the Association of Corporate Credit Unions.
"It will be up to the corporates to modify their business models going forward, based on the NCUA's new rules and regulations," Miller said.
Furthermore, credit unions shouldn't worry about the agency making radical regulatory changes overnight.
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"It will be a long process, one that will begin with the NCUA putting out proposed new rules and giving credit unions a chance to comment," he said.
Miller also said he thinks the NCUA is mindful that current economic numbers aren't typical.
"Everyone knows we're living in unprecedented times, and it will be with us for awhile," he said. "You could wave a magic wand and create a perfect corporate system, but economic challenges would still be there. That's why you have 500 comment letters because there is no easy answer. If there was, it would have been implemented months ago."
The corporate trade association head applauded the NCUA's decision to allow corporates to use Nov. 30 capital numbers to determine regulatory compliance.
"If the regulatory capital ratio decreases, it impacts the products and services, like the lines of credit a corporate can extend to members," he said.
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