NAFCU statement in response to the House Financial Services Committee mark-up of ‘Risk-Based Capital Study Act of 2015’
WASHINGTON, DC (October 1, 2015) — National Association of Federal Credit Unions (NAFCU) Vice President of Legislative Affairs Brad Thaler issued the following statement today in response to the House Financial Services Committee favorably voting out H.R. 2769, a NAFCU-sought bill that would require NCUA to “stop and study” its risk-based capital proposal.
“We appreciate Chairman Jeb Hensarling’s (R-Texas) leadership efforts to advance regulatory relief for community financial institutions, including credit unions,” said Thaler. “The vote today is a step in the right direction to protect credit unions from the unnecessary and costly consequences of NCUA’s second risk-based capital proposal. We look forward to continuing our work with Congress to advance regulatory relief for credit unions.”
The bill, the “Risk-Based Capital Study Act of 2015,” was introduced by Reps. Stephen Fincher, R-Tenn., Denny Heck, D-Wash., and Bill Posey, R-Fla. It would require NCUA to review its second risk-based capital proposal and report back to Congress on the agency’s authority to issue a two-tier, risk-based capital rule and the impact the rule would have on credit unions and their members.
The committee also approved the NAFCU-supported H.R. 1266, which would replace the CFPB director post with a bipartisan commission; and H.R. 957, which would transfer authority to appoint a CFPB inspector general from the Federal Reserve to the president.
The National Association of Federal 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. www.nafcu.org.
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.