NAFCU’s RBC delay passes house, supports house passage of JOBS Act 3.0
NAFCU’s efforts prove instrumental in passing RBC Rule delay
WASHINGTON, DC (July 18, 2018) — National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger today issued the following statement after the JOBS Act 3.0 passed the House of Representatives by a bipartisan vote of 406 to 4. NAFCU led the effort to include a two-year delay of the National Credit Union Administration’s (NCUA) risk-based capital (RBC) rule in the legislation.
“NAFCU applauds the bipartisan work of Chairman Hensarling and Ranking Member Waters in crafting the JOBS and Investor Confidence Act of 2018, and we appreciate the support of all House lawmakers who voted in favor of this legislation,” said NAFCU President and CEO Dan Berger. “A two-year delay of the NCUA’s risk-based capital rule will give credit unions more time to comply with the rule and the agency time to make some necessary changes.
“While NAFCU supports an appropriate risk-based capital system for credit unions, this rule – as currently written – will only have a negative impact on the industry,” Berger added. “We thank leaders and members of the House for recognizing the increased burden and costs this rulemaking would bring.”
Among NAFCU’s top priorities was a two-year delay of the NCUA’s RBC rule. NAFCU has long advocated for a repeal or delay of this rule, and the association’s efforts proved instrumental in advancing this provision via the bipartisan JOBS Act 3.0. After passage of the NAFCU-backed Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), NAFCU worked with Chairman Hensarling, Ranking Member Waters and other Members of Congress to ensure additional regulatory relief measures were undertaken in the 115th Congress.
This is the second time the House passed a two-year delay of the NCUA’s RBC rule. Language delaying the rule is also included in the Financial Services and General Government 2019 appropriations bill. Should this bill pass, it will be the third time the House has passed NAFCU’s RBC-delay language.
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.