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The House Financial Services Committee yesterday passed 50-9 H.R. 2769, a NAFCU-sought bill that would require NCUA to "stop and study" its risk-based capital proposal.

"We appreciate Chairman Jeb Hensarling's leadership efforts to advance regulatory relief for community financial institutions, including credit unions," NAFCU Vice President of Legislative Affairs Brad Thaler said in a statement yesterday. "The vote today is a step in the right direction to protect credit unions from the unnecessary and costly consequences of NCUA's second risk-based capital proposal. We look forward to continuing our work with Congress to advance regulatory relief for credit unions."

The bill was introduced by Reps. Stephen Fincher, R-Tenn., Denny Heck, D-Wash., and Bill Posey, R-Fla. It would require NCUA to review RBC2 and report back to Congress on the agency's authority to issue a two-tier, risk-based capital rule and the impact the rule would have on credit unions and their members.

During his opening remarks, committee Chairman Jeb Hensarling, R-Texas, noted NCUA's RBC proposal is a "solution in search of a problem."

Both Fincher and Posey voiced support for NAFCU during mark-up of the bill.

The committee also passed other NAFCU-supported measures, including:

• H.R. 1266, which would replace the CFPB director post with a bipartisan commission; and
• H.R. 957, which would transfer authority to appoint a CFPB inspector general from the Federal Reserve to the president.

These measures now await action by the full House. In a blog post yesterday in The Hill, NAFCU President and CEO Dan Berger, with leaders of the American Bankers Association, American Land Title Association, Consumer Bankers Association, CUNA and the Independent Community Bankers of America, wrote in favor of H.R. 1266.

"A bipartisan board ensures certainty, fairness, and—most important—a stable form of leadership that would preserve [CFPB's] role regardless of which political party is in the White House," they wrote. "It is time for Congress to revisit this common-sense approach and to restructure the CFPB to ensure it can continue to meet the needs of consumers."