NCUA Board Member J. Mark McWatters said he would vote against a final risk-based capital rule that includes a two-tier net worth standard.
McWatters, who voted against the revised proposed risk-based capital rule, told CU Times the legal opinion rendered by the NCUA was weak.
"If the proposal goes to final and there's a two-tier structure in there, as there is today, than I will not support the rule. I will not support a rule that based upon 30 years of legal experience, including experience reading a lot of statutes and regulations while serving on the legal opinion committees of large national law firms and signing a lot of legal opinions myself, violates the Federal Credit Union Act," McWatters said in an exclusive interview.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
