Linda McFadden, president/CEO of the $154 million XCEL FederalCredit Union in Bloomfield, N.J., told a congressional committeeTuesday that many credit unions are afraid to bring theirregulatory concerns to the NCUA.

“They came out with a [risk-based capital] proposal that was sooff the wall that they knew it was going to cause a stir within thecredit union movement,” McFadden said at a Senate Banking, Houseand Urban Affairs committee hearing.

Instead of getting credit unions involved in the process, makingadjustments and re-proposing the rule, McFadden said the agency isdoing everything alone.

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Regulatory & Compliance