This week: NAFCU-led RBC delay up for vote, BCFP nominee hearing
NAFCU this week will actively encourage House members to support the fiscal 2019 House appropriations bill on financial services as the legislation houses a NAFCU-led provision that would delay the NCUA’s risk-based capital (RBC) rule by two years. Similarly, this delay language is also included in legislation unveiled Friday.
Both bills are expected to receive a House vote this week.
This RBC-delay provision, also included in the House-passed Foreign Investment Risk Review Modernization Act of 2018 (H.R. 5841), comes from the Common Sense Capital Relief Act (H.R. 5288), which was introduced by Reps. Bill Posey, R-Fla., and Denny Heck, D-Wash., in March. NAFCU President and CEO Dan Berger met with Posey and Heck to thank them for their ongoing efforts to protect the industry from the adverse effects of this rule.
Also this week, Federal Reserve Chair Jerome Powell is slated to give the semi-annual testimony on monetary policy before the Senate Banking Committee on Tuesday and the House Financial Services Committee on Wednesday. The Senate Banking Committee on Thursday is expected to take up the nomination of Kathy Kraninger to lead the Bureau of Consumer Financial Protection (BCFP – formally the CFPB).
continue reading »