Jim Nussle statement following one-year RBC delay
WASHINGTON, DC (August 2, 2018) — Credit Union National Association (CUNA) President/CEO, Jim Nussle released the following statement after the National Credit Union Administration (NCUA) issued a proposed rule to delay implementation of its risk-based capital rule by one year at its Thursday meeting.
“NCUA’s proposal to delay implementation of its risk-based capital rule by one year is a step in the right direction, but CUNA maintains the regulation is a solution in search of a problem. Credit unions have expressed their well-founded concerns regarding NCUA’s risk-based capital rule, and CUNA will continue our work to ensure these concerns are heard.”
CUNA supports delaying the rule, but has pushed for a two-year delay through various pieces of legislation.
The rule is currently scheduled to become effective Jan. 1, 2019. NCUA’s proposal would change it to Jan. 1, 2020. CUNA-backed legislation, including the JOBS and Investor Confidence Act (S. 488) and Foreign Investment Risk Review Modernization Act of 2018 (H.R. 5841) would delay implementation to Jan. 1, 2021. Both bills have passed the House.
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.