WASHINGTON–A new, bipartisan bill has been introduced in Congress that includes a provision that would delay NCUA’s risk-based capital rule.
Rep. Jeb Hensarling (R-TX), who chairs the House Financial Services Committee, and Rep. Maxine Waters (D-CA), the ranking member on the committee have introduced JOBS Act 3.0, which includes a two-year delay in NCUA’s RBC rule.
Passage of the bill at this point is likely to be an uphill battle.
Hensarling, who is leaving Congress after this term, has been championing regulatory reform and especially rollbacks in various pieces of the Dodd Frank Act. Earlier this year, he and fellow Republicans successfully pushed through the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), which had the backing of both credit union trade groups.
JOBS Act 3.0 is one of a package of bills that have been introduced, including six from Democrats. In announcing her support for JOBS Act 3.0, Waters said in a statement “it is important that we work together to include common-sense bipartisan legislation.”
As part of that legislative package, Waters is sponsoring the Promoting Transparent Standards for Corporate Insiders Act, which would limit the ability of corporate insiders to trade on non-public information. The bill would require the SEC to study whether to amend antifraud provisions that are used to combat illegal insider trading, report to Congress and write rules consistent with the results of the study.”
Following introduction of the JOBS Act, NAFCU expressed its support for the bill.
“NAFCU applauds the bipartisan work of Chairman Hensarling and Ranking Member Waters in crafting the JOBS Act 3.0, which will provide important regulatory relief to credit unions,” said NAFCU President Dan Berger. “NAFCU has long advocated for a two-year delay of the NCUA’s risk-based capital rule to allow credit unions more time to prepare and comply while also giving the agency more time to fix the rule.”