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Lawmakers Ask Matz to Consider RBC's Impact on CUs
Tuesday, September 22, 2015 6:35 AM

A bipartisan group of 12 House members has urged NCUA Chairman Debbie Matz to consider the impact of the agency’s proposed risk-based capital rule on credit unions before issuing any final rule.

The lawmakers, in a letter Friday, noted the concerns about the previous RBC proposal that 324 House members shared with Matz last year. They said that while NCUA made significant amendments in its second proposal, they remain concerned about the proposed rule’s potential unexpected consequences, which could affect the nation’s more than 100 million members.

They note in particular that the proposed rule would require capital exceeding what is required by law and “undercuts congressional intent.” They said this creates an “inherent conflict” for credit unions that they hope will be addressed when the rule is made final.

The letter was signed by Reps. Juan Vargas, D-CA, Mark Amodei, R-NV, Brad Sherman, D-CA, John Garamendi, D-CA, Joe Heck, R-NV, Ami Bera, D-CA, Julia Brownley, D-CA, Doug LaMalfa, R-CA, Eric Swalwell, D-CA, Lucille Roybal-Allard, D-CA, Pete Aguilar, D-CA, and Norma Torres, D-CA.