NCUA'S RISK-BASED CAPITAL RULE
(RBC #1)
APPROVED BY THE NCUA BOARD
January 23, 2014
BASED UPON THE ENTHUSIASTIC AND ROBUST RECOMMENDATION
OF THE SENIOR NCUA EXECUTIVE STAFF
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H.M.S. RBC#1 (Launched: 1/23/2014 - Scrapped: 1/15/2015) R.I.P (... and God Save the Queen !!) |
6 comments:
No question that RBC is a "rip"!
You cannot only injure your foe for if you do they will continue to inflict pain and harm on you. Do not think it ends tomorrow. If you in any way let up on the pressure you will have lost. The Queen is not dead and she still holds the subjects under her thumb.
Bet they scrap RBC#1 and relaunch with the Titanic claiming bigger better, safe and sound.
If this one doesn't worn hope La Capitaine and her first mates will do everybody a favor and go down with the ship.
Isn't it about time we got the Fed to declare NCUA an institution of "systemic risk" to the U.S. financial system?
They are to us!
What you will see today:
An RBC rule with substantial changes from the first version.
A spin that NCUA listened and changed based on what they heard.
A claim that the law mandates what NCUA is doing.
A statement that only a few will be impacted by the rule.
Comments from certain board members that this is needed and good for the industry.
A statement of costs that time will show is substantially underestimated.
Differing views from one board member about the value of the rule raising questions whether it should even be proposed.
A before and after punch by two other board members as they attempt to discredit the third.
Long, drawn out technical statements by staff trying to justify what they did before and how now they have made it better.
A ton of paper (probably exceeding the Paper Work Reduction Act) to be disbursed among the masses to confuse them further.
The typical Q & A put out by NCUA to even further try to explain and justify their actions.
Press releases, op-ed pieces, webinars and dissertations pumped out by the political/pr arm of the agency to satisfy Congressional concerns in an effort to stop them from asking questions.
What you will not see today:
Any comment by NCUA that they did it wrong to begin with, it is still not right and maybe the best thing to do would be to put it aside and open up a true dialog with the industry as to what is really needed and the best way to put it in place.
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