ICBA says the National Credit Union Administration (NCUA) should implement its risk-based capital rules now, and opposes the agency’s proposed delay in the effective date for tax-exempt credit unions. (The NCUA seeks to delay the effective date of the final rules issued in late 2015 until 2022.) ICBA advocated regulatory capital standards on par with community banks, so credit unions do not expose taxpayers to needless financial risks as a backstop to the Share Insurance Fund. ICBA agrees with NCUA board member Todd Harper, who voted against the agency’s proposed delay due to its risks.
Meanwhile, New York community banks can use ICBA’s “Be Heard” grassroots action center to urge Congress to investigate the trend of large credit unions buying up community banks. ICBA is also encouraging community bankers to send in examples of egregious credit union actions to email@example.com and to use ICBA’s customizable op-ed to raise awareness of the acquisition trend.