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CUNA Asks House Committee to Consider RBC Study Act
Thursday, September 24, 2015 6:40 AM

On Tuesday, Credit Union National Association sent a letter to the House Financial Services Committee asking members to consider H.R. 2769, the Risk-Based Capital Study Act. The legislation is sponsored by three members of the House including Rep. Bill Posey (R-FL). The legislation currently has 11 co-sponsors. 

The letter suggests that National Credit Union Association is looking for a problem that doesn't exist, and cites the significant negative response generated from stakeholders to the two RBC proposal comment periods, including doubts related to NCUA’s legal authority to impose the requirements it has proposed.

"The Fincher-Heck-Posey bill would delay implementation of the risk-based capital proposal pending an NCUA study on the impact the proposal would have on credit unions," the letter reads. "More than 370 members of Congress have expressed concern regarding this proposal; we believe Committee action on this legislation would send another very significant signal to NCUA that its proposal must be consistent with the law and seek to minimize additional regulatory burden on credit unions."

Read the CUNA letter on CU Insight's website.