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The House Financial Services Committee today 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. "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 highlighted NAFCU's support of the bill during mark-up.