WASHINGTON, D.C. — Sen. Sherrod Brown (D-OH), the ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, said he is “disturbed” by NCUA’s decision to delay its risk-based capital rule.
As CUToday.info reported here, the NCUA board voted 2-1 last week to push the effective dates for its risk-based capital proposal to Jan. 1, 2022. The rule was originally proposed in 2014 and formally adopted in 2015.
“I am disturbed that ten years after the financial crisis, the NCUA is once again delaying important rules to increase capital at large credit unions,” said Brown in a statement on his website. “I commend Board Member (Todd) Harper for opposing this unnecessary extension and demanding that NCUA focus on strengthening supervision and identifying risks to credit unions.”
Harper is the Democratic representative on the board, and Brown is a Democrat. Fellow board members Rodney Hood and J. Mark McWatters are Republicans.