McWatters endorses bill to delay NCUA risk-based capital rule
A letter obtained by CU Times shows the NCUA's McWatters support of House Republicans' move to delay the rule.
NCUA Chairman J. Mark McWatters has endorsed a House Republican plan to delay the agency’s Risk-Based Capital rule, according to a letter obtained by CU Times.
“The legislation would not impede the NCUA’s ability to manage risk at credit unions through other regulatory and supervisory mechanisms,” McWatters said in the letter sent Monday to Rep. Bill Posey (R-Fla.). He added that the bill would not eliminate capital requirements for credit unions.
Posey has been pushing for a delay in the RBC rule. The House Financial Services Committee on Tuesday approved legislation that would update the Committee on Foreign Investment in the United States. That bill also would delay implementation of the RBC rule, which is scheduled to go into effect on Jan. 1, 2019. The bill would delay implementation to Jan. 1, 2021.
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