WASHINGTON—Senate Banking Committee leaders are being asked to delay the NCUA's risk-based capital (RBC) rule by two years in any final Committee on Foreign Investment in the United States (CFIUS) legislation.
The House this week passed a two-year delay of the RBC rule.
In his letter to Committee Chairman Mike Crapo (R-ID) and Ranking Member Sherrod Brown (D-OH), NAFCU Vice President of Legislative Affairs Brad Thaler voiced the trade association’s strong support for this provision noting that the RBC rule – as it is currently written – would have a negative impact on the credit union industry due to increased regulatory burdens and costs.
"A two-year delay in the rule would give credit unions more time to prepare and comply, and more importantly, it would give the NCUA time to fix the rule, which they have expressed interest in doing,” said Thaler.
NAFCU said it supports an appropriate RBC system for credit unions, but has long advocated for a repeal or delay of the RBC rule.