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The House is poised to act today on a NAFCU-backed measure that would require federal financial institution regulators to study the impact of their rules, including NCUA's risk-based capital proposal, on financial institutions' mortgage servicing assets.

The bill, among other things, would require regulators to study appropriate capital requirements for mortgage servicing assets and report back to Congress within six months on findings and any legislative recommendations.

In March, the House Financial Services Committee reported H.R. 1408, the "Mortgage Servicing Assets Capital Requirements Act of 2015," by Reps. Ed Perlmutter, D-Colo., and Blaine Luetkemeyer, R-Mo., to require all federal financial regulators to study capital requirements for mortgage servicing assets before proceeding with any rulemaking, including NCUA's RBC2, that impacts those assets.

The bill coming up for action today is an amended version of H.R. 1408. Bill managers last night stripped out language that would also delay regulators' issuance of capital rules affecting mortgage servicing assets for three months after their report of study findings to Congress.

The revision is aimed at securing the support needed for passage and bring H.R. 1408 in line with similar language in the "Financial Regulatory Improvement Act," S. 1484, offered by Senate Banking Chairman Richard Shelby, R-Ala., and approved by that committee in May.

NAFCU is also working in support of H.R. 2769, the "Credit Union Risk-Based Capital Study Act of 2015." Introduced by Reps. Stephen Fincher, R-Tenn., Bill Posey, R-Fla., and Denny Heck, D-Wash., it would require NCUA to study RBC2's impact on credit unions and report to Congress before it finalizes or implements a final RBC rule.