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FOR IMMEDIATE RELEASE

NAFCU Statement In Response to House Financial Services Committee Mark-up of ‘Stop and Study' Bill

Washington (Sept. 25, 2015) – National Association of Federal Credit Unions (NAFCU) Vice President of Legislative Affairs Brad Thaler issued the following statement in response to the House Financial Services Committee scheduled mark-up of a NAFCU-sought bill that would require the National Credit Union Administration (NCUA) to "stop and study" its risk-based capital proposal, and other bills, for Sept. 30.

"NAFCU and our members appreciate Chairman Jeb Hensarling's (R-Texas) leadership and dedicated efforts to advance greater transparency among regulatory agencies and greater regulatory relief for community financial institutions such as credit unions," said Thaler. "We look forward to continuing our work with Congress to champion regulatory relief for credit unions."

The RBC study bill, H.R. 2769, was introduced by Reps. Stephen Fincher, R-Tenn., Denny Heck, D-Wash., and Bill Posey, R-Fla. It would require NCUA to review its second risk-based capital proposal 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. NAFCU consistently has been an industry leader in opposing NCUA's risk-based capital proposal and seeking congressional oversight.

The Sept. 30 mark-up will also include the NAFCU-supported H.R. 1266, which would replace the Consumer Financial Protection Bureau (CFPB) director post with a bipartisan commission; and H.R. 957, which would create an independent CFPB inspector general nominated by the president and confirmed by the Senate.

The National Association of Federal Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation's federally insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. www.nafcu.org.

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