WASHINGTON, DC (June 20, 2013) National Association of Federal Credit Unions (NAFCU) President and CEO Fred R. Becker, Jr., today made the following statement regarding the National Credit Union Administration’s (NCUA) decision to include NAFCU-sought improvements in its final rule regarding loan participations.
“NAFCU continues to have serious concerns with changes to the loan participation rule. However, we appreciate that NCUA heeded our advice in deciding that imposing overly restrictive concentration limits on loan participations would be a profound mistake and hurt credit union programs.
“We are also pleased that the NCUA has listened to our concerns about the need to ensure appropriate waiver options and has made substantial changes to the rulemaking in other areas.
“Nevertheless, NAFCU continues to believe that new regulations in this field are unnecessary and would not justify the cost for a credit union to comply. We will scrutinize this complex rule and work with our members to determine where and how it may be improved and, if necessary, recommend revisiting the rule."
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The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.