House Financial ServicesSubcommittee on Oversight and Investigations Chairman PatrickMcHenry (R-N.C.) has asked NCUA Board Chairman Debbie Matz fordocumentation regarding the rationale behind the agency's proposedrisk-based capital rule.

“I ask that you provide the subcommittee with information abouthow the rule was developed and what impact it will have on thecredit union community in terms of growth and innovation, as wellas any impact on the larger economy and job creation,” McHenrywrote in a letter to Matz Monday.

McHenry asked the NCUA to publicly disclose in writing by July18 any cost-benefit analyses performed, metrics on assetclassifications and justification for revised risk weighting foreach asset class.

He also asked for an explanation of the extent to which NCUA examiners would be authorized to make capitalrecommendations to credit unions that might deviate from thestandards set in the rule.

“As a matter of fairness and transparency, the public deservesthe opportunity to understand the logic behind the proposal,”McHenry wrote.

“Clearly this issue has risen to a level of attention on theHill where senior members of the committee of jurisdiction areregistering their active interest. An issue of this importancemerits this, and I think it contributes to an ultimately positiveoutcome,” said John McKechnie, partner at Washington lobby andcommunications firm Total Spectrum.

Brad Thaler, NAFCU vice president of legislative affairs, saidMcHenry's letter demonstrates that Congress wants as muchtransparency as possible in the NCUA's rulemaking process. Thalertold CU Times many in the credit union industry support asecond comment period once changes are made to the proposal.

“This letter shows that this issue is still on the Capitol Hillradar screen,” Thaler said. “Individuals in leadership positionsare watching the agency's actions.”