NCUA Board Chairman Debbie Matz questioned trade association estimates of the cost of the proposed risk-based capital rule, saying the groups were disseminating misinformation.
"Some trade associations have estimated that the implementation costs could run as high as $7 billion. These overstated figures are based on a questionable assumption that every federally insured credit union would seek to maintain its current capital cushion above the regulatory minimum," Matz wrote on Friday in response to a letter from Reps. Peter King (R-N.Y.) and Gregory Meeks (D-N.Y.), both members of the House Financial Services Committee.
The letter was signed by almost 75% of the House of Representatives.
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