HFSC expected to markup bill w/ provision to delay RBC rule
WASHINGTON, DC (May 18, 2018) — The House Financial Services Committee (HFSC) is expected to mark up a bill next week that would make changes to the Committee on Foreign Investment in the U.S. (CFIUS), a Treasury-led panel that approves foreign-owned merger and acquisition activity. The proposed CFIUS rewrite contains a provision that would delay the implementation date for the NCUA’s risk-based capital rule to January 2021, a push back of two years from the current effective date of January 2019.
CUNA supports the measure and has previously backed legislation to repeal or delay the rule.
“CUNA has maintained since NCUA first proposed the risk-based capital rule that it is in solution in search of a problem, so we support any legislative means to reduce the rule’s impact on credit unions,” said CUNA Chief Advocacy Officer Ryan Donovan.
NCUA’s risk-based capital rule, finalized in October 2015, would create risk-based capital standards for the purpose of determining whether a credit union is well-capitalized.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.