WASHINGTON – A bill has been proposed in the Senate that would delay NCUA’s risk-based capital rule by an additional year.
Sen. Mike Rounds (R-SD) introduced the Common Sense Credit Union Capital Relief Act of 2018, a companion bill to legislation already in the House. NCUA this year has already delayed implementation of the RBC rule by one year to Jan. 1, 2020; the Rounds’ legislation would push that back to 2021.
The credit union trade associations have been calling for the additional delay.
"On behalf of our membership and the entire credit union industry, we thank Senator Mike Rounds for introducing legislation to delay the NCUA's RBC rule an additional year," said NAFCU Vice President of Legislative Affairs Brad Thaler. "While NCUA’s delay was extremely welcome, we believe additional study is needed – particularly as relates to ensuring that credit union capital requirements are no more stringent than those required of the banking industry."
NAFCU said it supports an “appropriate RBC system.”
As CUToday.info reported earlier, the House legislation was proposed by Reps. Reps. Bill Posey (R-FL), and Denny Heck (D-WA).