FOR IMMEDIATE RELEASE
NAFCU Hails Reps. Fincher, Posey and Heck Introduction of “Credit
Union Risk-Based Capital Study Act of 2015”
Washington (June 15, 2015) - National Association
of Federal Credit Unions (NAFCU) President and CEO Dan Berger
today hailed the introduction by Reps. Stephen Fincher,
R-Tenn., Bill Posey, R-Fla., and Denny Heck, D-Wash.,of a NAFCU-sought, bipartisan bill that would require NCUA to
conduct a study on the appropriate capital requirements for credit unions
before implementing its second risk-based capital proposed rule.
“NAFCU applauds Representatives Fincher, Posey and Heck for their work in
putting together a bipartisan response to this issue,” Berger said. “We
appreciate the congressmen’s recognition of RBC2 as a serious and potentially
troublesome proposal and their efforts to prevent the growth of excessive
regulatory burden on an already well-capitalized industry.”
The “Credit Union Risk-Based Capital Study Act of 2015” would
require NCUA to study and report to Congress on whether the agency has the
clear legal authority to issue a two-tier proposal, how RBC2 compares to bank
capital requirements, the rationale behind the risk-weighting used by the
agency and the impact the proposal will have on credit unions’ capital
cushions. The agency would not be able to finalize or implement RBC2 before 120
days after the report goes to Congress.
NCUA’s comment period on the revised proposal ended in April, and the agency
reported it received more than 2,000 comments. NAFCU continues to urge that the proposal be
withdrawn in favor of legislative reforms to the Federal Credit Union Act that
would allow more-effective capital reform.
The National Association
of Federal Credit Unions is the only national trade association that
exclusively represents the interests of federally chartered credit
unions before the federal government and the public.
Contact: Patty Briotta | 703-842-2820 | email@example.com