NAFCU Statement on NCUA’s Risk-Based Capital Report to House Financial Services Committee

 

FOR IMMEDIATE RELEASE

NAFCU Statement on NCUA’s Risk-Based Capital Report to House Financial Services Committee

Washington (Nov. 23, 2015) -  National Association of Federal Credit Unions (NAFCU) Vice President of Legislative Affairs Brad Thaler issued the following statement in response to NCUA’s report on its recently adopted risk-based capital rule to the House Financial Services Committee. The Committee voted overwhelmingly in September to support H.R. 2769, a NAFCU-sought bill that would have required NCUA to “stop and study” the rule before voting to implement it.

“NAFCU and our members fundamentally maintain that NCUA’s risk-based capital rule fails to create a true and fair risk-based capital regime for credit unions,” said Thaler. “We continue to believe it is an unnecessary regulatory burden that will be costly to the industry. We will review NCUA’s report as well as the agency’s legislative recommendations to see if they address the concerns outlined in H.R. 2769 and for their potential effects on credit unions. We are pleased that NCUA continues to support supplemental capital for credit unions, but we believe the prudent approach would be for NCUA to work with Congress and the credit union industry to achieve a fair legislative solution to capital reform before moving forward and implementing this new rule. ”

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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Patty Briotta
Director of Public Relations
Office:703-842-2820
pbriotta@nafcu.org