updated 11/19/13 10:12 AM
CUs URGED TO COMMENT ON PROPOSALS
PowerComment Can Help
Credit union leaders have the power to make their voice heard on two proposed rules: the National Credit Union Administration’s (NCUA’s) proposed Capital Planning and Stress Testing regulations and a joint agency proposal on flood insurance.
Everything you need to review the rules' specific provisions, submit a comment letter, and effectively communicate your credit union's opinion to the NCUA is available at PowerComment!
Capital Planning and Stress Testing Proposal
While this proposed rule only applies to credit unions with assets of $10 billion or more (covered credit unions), there are aspects all credit unions should be aware of, including the proposal's cost to the National Credit Union Share Insurance Fund (NCUSIF) and public disclosure. Credit unions should provide their comments.
Under the proposal, covered credit unions must submit a capital plan to NCUA annually, perform specific capital analysis, and have board oversight of their planning and analysis.
In addition, NCUA would conduct independent stress-testing of covered credit unions and require these credit unions to maintain a 5 percent stress test capital ratio. NCUA estimates the first-year cost would be $4 million ($1 million for each of the four applicable credit unions with more than $10 billion in assets)—an expense that would be charged to the NCUSIF.
NCUA is also requesting comment on whether the stress test results should be made public.
Joint Agency Flood Insurance Proposal
This proposed rule would establish escrow requirements for flood insurance payments, require lenders to accept private flood insurance coverage, and clarify that lenders have the authority to charge for forced-placed flood insurance coverage.
Use PowerComment TODAY
In today’s regulatory climate, it is imperative credit unions are engaged in the comment process. Regulators need to hear from you on how a proposed rule will impact your credit union, your members, and the credit union movement.
Credit unions are encouraged to use PowerComment to make their voice heard on these proposed rules, as well as others!
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