THE feature

ALEXANDRIA, Va.—In a case of who said what and when did they say it, two NCUA board members have gotten into a war of words over an agreement the agency has with an outside law firm.

ALEXANDRIA, Va.— has obtained a copy of the legal opinion letter at the heart of a controversy over whether NCUA can create a two-tiered risk-based capital plan, or whether Congress’ intent and the Federal Credit Union Act prohibit anything other than a one-tier plan.

ALEXANDRIA, Va.—The NCUA board Thursday voted 2-1 to approve the new proposed risk-based capital rule. Board Member Mark McWatters cast the dissenting vote. McWatters said NCUA lacks the authority to issue a two-tiered RBC rule.

MADISON, Wis.—The balances on adjustable-rate mortgages at credit unions are up 16.3% over the last 12 months, and analysts say the growth has as much to do with ALM concerns at CUs as it does with growing consumer interest in the lowest-priced option.