WASHINGTON, DC (June 26, 2018) — National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement after the House passed a two-year delay of the National Credit Union Administration’s (NCUA) risk-based capital (RBC) rule, which as it is currently written will have a negative impact on the credit union industry and its members.
“NAFCU thanks Representatives [Robert] Pittenger, [Bill] Posey, [Denny] Heck and Chairman [Jeb] Hensarling for their bipartisan efforts on this RBC-delay provision and for all House members that voted in support of the measure,” said NAFCU President and CEO Dan Berger. “We have sought relief from this rule since it was finalized, and we are pleased to see this provision gaining traction as lawmakers recognize the negative impact this rule would have on the credit union industry.”
BACKGROUND
NAFCU has long advocated for a repeal or delay of the RBC rule because of its adverse effect on credit unions and their members due to increased regulatory burdens and costs. Earlier this week, NAFCU sent a letter to House leaders in support of the Foreign Investment Risk Review Modernization Act of 2018 (H.R. 5841), which includes a provision delaying the effective date of the RBC rule to Jan. 1, 2021.
The National Association of Federally-Insured 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. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
