WASHINGTON—Congress is again being told that NCUA’s risk based capital rule should be delayed two years.
NAFCU made the request again to Congress in a letter sent to leaders of the Senate Banking and House Financial Services Committees. The request follows NCUA’s action last week to delay its risk-based capital rule by one year, which CUToday.info reported.
In the letter, NAFCU Vice President of Legislative Affairs Brad Thaler urged Congress to act on the bipartisan bill, the Common Sense Credit Union Capital Relief Act of 2018 (H.R. 5288), which would ensure a two-year delay of the rule.
Thaler, while thanking NCUA for delaying its RBC rule for one year and amending the rule to raise the asset limit for CUs covered by RBC to $500 million from $100 million, stressed that a two-year delay is needed to allow the agency to further examine the rule to look for “potential negative impacts on credit unions.”
NCUA originally proposed its risk-based capital plan in 2014.
The complete letter can be found in CUToday.info’s The Gov.