CUNA President/CEO Bill Cheney said CUNA remains greatly concerned about the upcoming risk-based capital rule from the NCUA, arguing that credit unions are operating well under the current system.
“Particularly since no one outside of NCUA has seen the proposal, it remains of great concern to us. In our view, the current system for net worth standards (written into the law – unlike that of other financials) is flawed, but credit unions have adjusted accordingly and are doing well. In short: If it ain't broke, don't fix it,” Cheney wrote in the latest edition of The Cheney Report.
Cheney predicted that a risk-based capital rule could be proposed as early as next month.
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