NAFCU takes RBC concerns to Congress
NAFCU President and CEO Dan Berger last night urged House leaders and the leaders of the Senate Banking Committee to support and pass legislation that would require NCUA to report to Congress on the impact of the agency’s risk-based capital rule on credit unions.
NCUA’s board, voting 2-1, yesterday approved a final risk-based capital rule that will take effect Jan. 1, 2019. The House Financial Services Committee, voting 50-9, last month approved the “Risk-Based Capital Study Act” (H.R. 2769), legislation supported by NAFCU that would require NCUA to review RBC2 and report back to Congress on its authority to issue a two-tier, risk-based-capital rule, the impact it would have on credit unions and their members, and legislative recommendations for capital reform.
Berger, writing Thursday, urged House Speaker John Boehner, R-Ohio, and Minority Leader Nancy Pelosi, D-Calif., to support and seek passage of the committee-approved bill. He also urged Senate Banking Chairman Richard Shelby, R-Ala., and Ranking Member Sherrod Brown, D-Ohio, to ensure H.R. 2769 or similar legislation be considered in the Senate.
“Ultimately, NAFCU believes legislative changes are necessary to bring about comprehensive c capital reform for credit unions, such as allowing credit unions to have access to supplemental capital sources, and making the statutory changes necessary to design a true risk-based capital system for credit unions,” Berger wrote Senate Banking leaders.continue reading »