ALEXANDRIA, Va.—The NCUA board is scheduled to meet this morning with a number of items on the agenda, including a one-year delay in the implementation date of its risk-based capital rule.
If the board votes in favor of the delay, which seems likely, it would become effective Jan. 1, 2020, rather than Jan. 1, 2019. There are also several pieces of legislation before Congress that would further delay the implementation date of the RBC rules until Jan. 1, 2021.
As CUToday.info earlier reported here, NCUA Chairman J. Mark McWatters, in a letter to Reps. Bill Posey (R-FL) and Denny Heck (D-WA), said the NCUA plans to consider such a delay when it meets today.
In addition to a one-year delay, McWatters in his letter said that the proposal would raise the definition of a “complex” credit union from $100 million to $500 million. McWatters also indicated the proposal would be out for a 30-day comment period.
Both credit union trade associations have been actively lobbying NCUA and Congress in support of delaying the effective date due to the negative impact the rule could have on credit unions.
Also on the board meeting agenda:
- Discussion of the federal credit union loan interest rate ceiling, which expires Sept. 10
- 2018 mid-session budget
- Proposed rule on loans to members
- Final suspension and debarment procedures
The NCUA board meeting begins at 10 a.m. ET. CUToday.info will provide complete coverage.