NAFCU’s RBC-delay provision advances in House Approps

NAFCU continues to make progress on protecting credit unions from the harmful effects of NCUA’s risk-based capital (RBC) rule as the House Appropriations Subcommittee on Financial Services and General Government yesterday advanced to the full committee legislation that includes NAFCU-sought language to delay the implementation of the rule by two years.

The RBC language included comes from the Common Sense Capital Relief Act (H.R. 5288), which was introduced by Reps. Bill Posey, R-Fla., and Denny Heck, D-Wash., in March. NAFCU President and CEO Dan Berger met with Posey and Heck last week to thank them for their ongoing efforts to protect the industry from the adverse effects of this rule.

Ahead of the subcommittee’s markup on the appropriations bill, NAFCU Vice President of Legislative Affairs Brad Thaler sent a letter urging members to support the provision. Thaler also requested that the subcommittee continue to fund the NCUA’s Community Development Revolving Loan Fund at $2 million in FY2019, as was included in the bill. In the letter, Thaler expressed the association’s appreciation for the $191 million funding level of the Treasury Department’s Community Development Financial Institutions (CDFI), but asked the subcommittee to work to restore the FY2018 funding level of $250 million.

 

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