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The House is set to vote today on legislation that, following NAFCU's persistent advocacy, 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, and has seen the delay provision included in three pieces of legislation this year.

The House is also expected to vote tomorrow on the fiscal 2019 House appropriations bill on financial services, which also includes the RBC-delay provision.

Ahead of today's anticipated vote on the bipartisan JOBS Act 3.0, which was unveiled Friday, NAFCU Vice President of Legislative Affairs Brad Thaler sent a letter encouraging representatives to vote in favor of the legislation.

"We appreciate the leadership of House Financial Services Committee Chairman Jeb Hensarling and Ranking Member Maxine Waters in moving this bill forward and for including a provision that provides increased regulatory relief to credit unions, and we urge the House to pass this important legislation," Thaler wrote. "… A two-year delay in the [RBC] rule would give credit unions more time to prepare and comply, and more importantly, it would give the NCUA time to fix and update the rule, which they have expressed interest in doing."

The RBC language included in these bills, as well as the House-passed Foreign Investment Risk Review Modernization Act of 2018 (H.R. 5841), comes from the Common Sense Capital Relief Act (H.R. 5288), which was introduced by Reps. Bill Posey, R-Fla., and Denny Heck, D-Wash., in March. NAFCU President and CEO Dan Berger met with Posey and Heck to thank them for their ongoing efforts to protect the industry from the adverse effects of this rule.

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.