Links in “Proposals, Requests, & Comments”

CFPB's Chopra testifies in Senate hearing that the country's $1.2 trillion debt is hampering the economy. Democrats have introduced a bill that would allow borrowers to refinance student loans at current interest rates, similar to refinancing a mortgage. [6/5]

NCUA has come out swinging in its response to a letter sent by 75% of the members of the House of Representatives that called into questions the Agency’s proposed risk-based capital rule.  NAFCU and CUNA both encouraged the House members to take action and say that NCUA’s claim that the trades have overestimated the costs of the proposed rule is not supported by the facts. [6/2]

Chairman of NCUA Debbie Matz responds to Congressman Peter King's letter about NCUA’s proposed rule to modernize the agency’s risk-based capital regulation for federally insured credit unions. Ms. Matz claims that overall, the proposed rule would only apply to federally insured credit unions with assets of $50 million or more—2,200 out of about 6,600. As a result, the 4,400 federally insured credit unions below $50 million in assets—two thirds of all credit unions—are not affected by the proposed rule. [6/2]

The FDIC has issued its list of institutions scheduled for CRA examinations in the third-quarter. Accompanying the list is an explanation of the likely frequency of a CRA examination and a disclaimer that the schedule will likely change due to unforeseen events or circumstances. Regulators welcome public comment on the institutions scheduled for examination. [5/30]

In a 47-page comment letter submitted to the NCUA, CUNA identifies serious flaws in the proposed risk-based capital rule and urges that the rule be withdrawn. CUNA states that the rule could cause significant harm to the industry, particularly in light of the fact that the Agency has failed to provide adequate justification for the major changes the rule would require. [5/29]

In a hearing in the House Committee on Financial Services on legislative proposals to promote greater transparency and accountability at the CFPB, a representative of the US Public Interest Research Group argued that the bills are not necessary, because the CFPB is a work in progress and is a remedial agency, which makes it different from the other federal agencies. [5/29]

The National Association of State Credit Union Supervisors (NASCUS) filed comments this morning on the NCUA’s proposed Risk-Based Capital Rule. [5/29]

The Annual Privacy Notice Proposal allowed a 30-day comment period that will end on June 12, 2014. To allow interested persons additional time to consider and submit their responses, the Bureau has determined that an extension of the comment period until July 14, 2014, is appropriate. [5/28]

NCUA has received 1,100 comment letters in response to its risk-based capital rules. Here's what's next. [5/28]

Former House Speaker Newt Gingrich, who worked on amending the Federal Credit Union Act in 1998 says Congress never intended for well-capitalized credit unions to be held to a higher risk-based capital ratio that adequately capitalized credit unions. Under the proposed rule, adequately capitalized credit unions would be required to maintain a minimum risk-based capital ratio of 8.0%, while well-capitalized credit unions would have to maintain a minimum risk-based capital ratio of 10.5. [5/27]