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Industry leaders stressed they haven’t yet read the 253-pages of NCUA proposed corporate regulations in its entirety or had a chance to discuss it with members or clients. However, initial response to the NCUA’s proposed corporate regulations was mostly positive. Below are a sampling of the reactions.–[email protected]

With this rule, there are so many different aspects, it’s not so much whether we support or oppose it, it’s more a matter of to what degree, and seeing if all the requirements will work together to get us back up to the place we want to be. It will be a balancing act to limit risk to the point that we don’t find ourselves back in the same situation again yet create a corporate system credit unions want to use. Success will be a matter of whether or not the corporates can create a viable business plan with the rules in place.The capital rules very much in line with what we were thinking, and we agree with the limits on concentration risk. NAFCU didn’t go as far as the NCUA in terms of requiring board members to have specific titles. We don’t object to qualified boards, but it’s certainly possible for someone to be qualified and not hold one of those titles, so we’ll have to see how that one plays out. It’s good to see more emphasis on natural person credit unions being on the board of U.S. Central, but NAFCU took the approach that credit unions and corporates should decide. We don’t necessarily want the NCUA to prescribe corporate governance.

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Peter Westerman

 

Credit Union Times

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