If the NCUA's proposed risk-based capital rule had been in effect in 2009, 45 credit unions would have had downgrades in their capital classifications, according to a NAFCU analysis released Friday.

The trade group called the latest analysis "conservative" compared to an earlier estimate that said 155 credit unions would have been downgraded.

"NCUA estimates that 19 credit unions would be downgraded by second risk-based capital proposal today," NAFCU Director of Research and Chief Economist Curt Long said. "Yet, according to NAFCU's analysis, the real impact of second risk-based capital proposal can best be seen by examining its implications during a financial downturn, such as the recent crisis. Under RBC2, the number of credit unions downgraded more than doubles during a downturn in the business cycle."

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