NAFCU gets RBC delay into new reg relief efforts
House Financial Services Committee Chairman Jeb Hensarling, R-Texas, and Ranking Member Maxine Waters, D-Calif., unveiled on Friday the bipartisan JOBS Act 3.0. This legislation, following NAFCU's advocacy work, includes a two-year delay of the NCUA's risk-based capital (RBC) rule. NAFCU has led the effort to delay and modify this rule since its passage by the NCUA.
This legislation is expected to be passed by the House this week.
"NAFCU applauds the bipartisan work of Chairman Hensarling and Ranking Member Waters in crafting the JOBS Act 3.0, which will provide important regulatory relief to credit unions. NAFCU has long advocated for a two-year delay of the NCUA’s risk-based capital rule to allow credit unions more time to prepare and comply while also giving the agency more time to fix the rule. Americans deserve a regulatory environment that supports innovation and promotes consumer access to credit, and we thank Chairman Hensarling and Ranking Member Waters for helping to bring about necessary regulatory relief to credit unions," said NAFCU President and CEO Dan Berger.
Building on years of NAFCU advocacy and credit union grassroots efforts, which secured the passage of the NAFCU-backed Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), the association continues to work with lawmakers to ensure additional regulatory relief measures were undertaken in this Congress.
NAFCU has outlined a number of top legislative items still pending before Congress – risk-based capital reform, data and cybersecurity standards, field of membership reforms, and lawsuit abuse under the Americans with Disabilities Act – and asked leaders in the House and Senate to work with the association to address these issues and bring credit unions much-needed regulatory relief.
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