Newsroom
June 17, 2015
House Appropriations raises RBC2 concerns in funding bill
The House Appropriations Committee yesterday approved language to accompany the fiscal 2016 "Financial Services and General Government Appropriations" bill that urges NCUA to "give careful consideration" to credit unions' comments in response to RBC2.
The language was included in a manager's amendment to the committee report attached to the fiscal 2016 "Financial Services and General Government Appropriations" bill, which passed along party lines in a 30-20 vote.
NAFCU Vice President of Legislative Affairs Brad Thaler wrote Committee Chairman Hal Rogers R-Ky., Ranking Member Nita Lowey, D-N.Y., Subcommittee Chairman Ander Crenshaw, R-Fla., and Ranking Member José Serrano, D-N.Y., ahead of the mark-up to note the association's RBC2 concerns.
The amendment notes the "large number of comments" received by NCUA in response to RBC2 and says: "Consistent with safety and soundness and before finalizing the rule, the Committee encourages NCUA to give careful consideration to the comments, including those related to risk weights, to ensure credit is readily available to consumers, family farms, and small businesses to support job creation."
The bill also includes appropriations for the Community Development Financial Institutions Fund – at $233.5 million – and NCUA's Community Development Revolving Loan Fund – at $2 million. Both of these programs help promote access to capital and local economic growth in low-income communities.
The report accompanying the bill is designed to provide the committee's non-binding views on issues relating to the agencies funded by the bill. The report also includes language supporting regulatory coordination among the federal financial regulators, as NAFCU has long urged.
The report includes several observations about the CFPB, including support for the Credit Union Advisory Council and the issue of structural changes at the bureau, such as the proposal to replace the CFPB's single director post with a bipartisan commission. NAFCU has supported such a change to ensure a diversity of views for CFPB leadership.
Additionally, the draft report includes appropriators' views that the CFPB should take a balanced, thoughtful approach in any action addressing overdraft fees and payday lending.
NAFCU will continue to monitor the bill's progress for any impact on credit unions.
The language was included in a manager's amendment to the committee report attached to the fiscal 2016 "Financial Services and General Government Appropriations" bill, which passed along party lines in a 30-20 vote.
NAFCU Vice President of Legislative Affairs Brad Thaler wrote Committee Chairman Hal Rogers R-Ky., Ranking Member Nita Lowey, D-N.Y., Subcommittee Chairman Ander Crenshaw, R-Fla., and Ranking Member José Serrano, D-N.Y., ahead of the mark-up to note the association's RBC2 concerns.
The amendment notes the "large number of comments" received by NCUA in response to RBC2 and says: "Consistent with safety and soundness and before finalizing the rule, the Committee encourages NCUA to give careful consideration to the comments, including those related to risk weights, to ensure credit is readily available to consumers, family farms, and small businesses to support job creation."
The bill also includes appropriations for the Community Development Financial Institutions Fund – at $233.5 million – and NCUA's Community Development Revolving Loan Fund – at $2 million. Both of these programs help promote access to capital and local economic growth in low-income communities.
The report accompanying the bill is designed to provide the committee's non-binding views on issues relating to the agencies funded by the bill. The report also includes language supporting regulatory coordination among the federal financial regulators, as NAFCU has long urged.
The report includes several observations about the CFPB, including support for the Credit Union Advisory Council and the issue of structural changes at the bureau, such as the proposal to replace the CFPB's single director post with a bipartisan commission. NAFCU has supported such a change to ensure a diversity of views for CFPB leadership.
Additionally, the draft report includes appropriators' views that the CFPB should take a balanced, thoughtful approach in any action addressing overdraft fees and payday lending.
NAFCU will continue to monitor the bill's progress for any impact on credit unions.
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