WASHINGTON–It will be a busy week in Washington–at least for proposals to delay NCUA’s risk-based capital rules.
Language that would delay its implementation is included in two bills up for a vote in the House this week, and was also included in the just-introduced JOBS Act 3.0, as CUToday.info reported here.
The first bill likely to go to a vote is HR 6147, the Department of the Interior, Environment and Related Agencies Appropriations Act of 2019, which contains a number of provisions related to credit unions. That includes language that would delay NCUA’s risk-based capital rules for two years, a provision included in other legislation, as well.
But it also includes other provisions related to regulatory relief, premiums on title insurance, flexibility around privacy policies, and funding for the Community Development Revolving Loan Fund and the CDFI fund, noted Eli Joseph, CUNA’s deputy chief advocacy officer.
The second bill of interest to CUs is HR 5288, the Common Sense Credit Union Capital Relief Act of 2018, which also includes the delay in the RBC rule. That legislation was introduced by Reps. Bill Posey (R-FL) and Denny Heck (D-WA) in March.
Also on the Agenda
Also on the congressional agenda this week:
- Federal Reserve Chair Jerome Powell is slated to give the semi-annual testimony on monetary policy before the Senate Banking Committee today 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
- Today, a House Financial Services subcommittee will examine capital regimes for financial institutions
- The House Veterans' Affairs Committee will hold a joint hearing with a House Small Business subcommittee on achieving government-wide verification of service-disabled veteran-owned small businesses
- A House Financial Services subcommittee on Wednesday will review the future of digital currency
- The House Energy and Commerce Committee on Wednesday is holding an oversight hearing of the Federal Trade Commission
Cyber Security to Be Discussed
Separately, NAFCU said it will have two representatives on hand when the Financial and Banking Information Infrastructure Committee (FBIIC) and Financial Services Sector Coordinating Council (FSSCC) holds a joint meeting today at the Treasury Department, which will brief attendees on the Department of Defense's cyber capabilities and review a report out on the World Economic Forum's new consortium to address fintech cybersecurity.
NAFCU also reminded that Congress has until July 31 to revisit the National Flood Insurance Program before it expires. Both chambers are working out the final details of the National Defense Authorization Act and formal consideration of the legislation is expected to occur in mid-to-late July, said NAFCU.