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NAFCU's Regulatory Committee will meet today to discuss federal regulatory issues critical to the credit union industry, including potential changes to the NCUA's risk-based capital (RBC) rule and housing finance reform efforts.

Today's meeting will also include an update on the CFPB's recent actions to review and improve its processes, as well as a discussion on net neutrality.

The RBC rule is currently set to go into effect Jan. 1, 2019. Over the past three years, NAFCU has consistently opposed this rulemaking and urged the rule be modified or effective date delayed, particularly because of increased regulatory burdens and costs. A recent Economic & CU Monitor survey revealed that three-fifths of credit union respondents did not believe the rule will increase the overall safety of the National Credit Union Share Insurance Fund (NCUSIF) as the NCUA has argued.

NCUA Chairman J. Mark McWatters has indicated his willingness to review and revise the rule. NAFCU has also been active on Capitol Hill to urge lawmakers' support of the Common Sense Credit Union Capital Relief Act of 2017 (H.R. 4464), which would repeal the rule. The bill moved out of committee in December and is expected to be taken up by the full House early this year.

On housing finance reform, NAFCU remains engaged with lawmakers and agency officials to advance the association's core principles for housing finance reform. The Federal Housing Finance Agency (FHFA) recently put forward housing finance reform objectives to leaders of the Senate Banking Committee, and draft legislation from Senate Banking members Bob Corker, R-Tenn., and Mark Warner, D-Va., outlines new roles for Ginnie Mae and the FHFA, while establishing conditions for transition from a GSE model, to one with multiple guarantors and guaranteed access for small lenders.

The FHFA's 2018-2022 strategic plan includes some of the specific principles for housing finance reform advocated for by NAFCU. The GSEs also recently finalized their 2018-2020 housing goals and the FHFA is considering possible changes to the current credit score requirements used by the GSEs.