NAFCU leads effort to delay NCUA’s RBC rule, provision included in House appropriations bill
NAFCU pushes for a delay of the NCUA’s RBC rule via all appropriate legislative vehicles
WASHINGTON, DC (July 19, 2018) — National Association of Federally-Insured Credit Unions (NAFCU) Executive Vice President of Government Affairs and General Counsel Carrie Hunt today issued the following statement after the House of Representatives passed the Financial Services and General Government 2019 appropriations bill (H.R. 6258), which included a provision delaying the implementation date of NCUA’s risk-based capital (RBC) rule by two-years, among other NAFCU-backed reforms.
“NAFCU strongly supports the FY 19 FSGG bill, which includes a two-year delay of the NCUA’s risk-based capital rule,” said Carrie Hunt, NAFCU Executive Vice President of Government Affairs and General Counsel. “NAFCU has led this charge on behalf of America’s credit unions, and enacting this legislation would give them more time to comply with the rule while also giving the NCUA time to revise it. On behalf of our membership and the entire credit union industry, NAFCU thanks Chairman Graves for his leadership and hard work in producing this common sense measure.”
NAFCU supports an appropriate RBC system for credit unions, but has been opposed to NCUA’s RBC rulemaking since its passage and has urged the rule be modified or effective date delayed, particularly because of increased regulatory burdens and costs. NAFCU successfully advocated to include a provision delaying the RBC rule in several legislative vehicles, which include:
- The Foreign Investment Risk Review Modernization Act of 2018 (H.R. 5841), which passed the House and is currently in conference committee with the Senate;
- The JOBS and Investor Confidence Act of 2018 (S.488), which passed the House, as amended, earlier this week and is expected to receive a vote in the Senate; and,
- The Fiscal Year 2019 Financial Services and General Government Appropriations Bill (H.R. 6258), which passed the House today.
The Financial Services and General Government appropriation’s bill also includes a number of other NAFCU-backed regulatory relief measures, including language from the Mortgage Choice Act, the Financial Institutions Examination Fairness and Reform Act, and the TRID Improvement Act.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.