WASHINGTON–The House Financial Service Committee yesterday favorably voted out HR 2769, the “stop and study” bill that requires NCUA to review its second-risk-based capital proposal and report back to Congress.
The committee also approved HR 1266, which would replace the CFPB director post with a bipartisan commission; and H.R. 957, which would transfer authority to appoint a CFPB inspector general from the Federal Reserve to the president.
Officially titled the “Risk-Based Capital Study Act of 2015” and introduced by Reps. Stephen Fincher (R-TN), Denny Heck (D-WA), and Bill Posey (R-FL), the bill would require NCUA to speak to the issue of the agency’s authority to issue a two-tier, risk-based capital rule and the impact the rule would have on credit unions and their members.
"We appreciate Chairman Jeb Hensarling’s (R-Texas) leadership efforts to advance regulatory relief for community financial institutions, including credit unions,” said NAFCU VP-Legislative Affairs Brad Thaler. “The vote…is a step in the right direction to protect credit unions from the unnecessary and costly consequences of NCUA’s second risk-based capital proposal. We look forward to continuing our work with Congress to advance regulatory relief for credit unions.”
HR 1266 and HR 957 also both have support from credit unions.
NCUA has told Congress there is no need for the stop and study bill, as CUToday.info reported here.