RBC rule delayed one year, NAFCU pushing for more changes
The NCUA Board Thursday finalized a rule amending its 2015 risk-based capital (RBC) rule that, among other things, delays the rule’s implementation date by one year to Jan. 1, 2020. As the lead on delay efforts – both on and off Capitol Hill – NAFCU is pleased with this change, but is still pushing for more.
“We appreciate NCUA Chairman J. Mark McWatters and Board Member Rick Metsger’s efforts, as a one-year delay of the NCUA’s risk-based capital rule is a step in the right direction,” said NAFCU President and CEO Dan Berger. “However, we remain concerned about the regulatory burdens and costs the rule will place on credit unions. NAFCU will continue to advocate for Congress to delay the rule’s implementation by two years in order to give the NCUA time to revise it.”
Among other changes, the agency’s finalized RBC rule amends the definition of a complex credit union from $100 million to $500 million – exempting an additional 1,026 credit unions from the rule.
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