CUNA wrote to House Financial Services Committee leadership Thursday in support of several regulatory relief bills being discussed at the committee’s hearing. The bills would provide relief on several fronts.
The Common Sense Credit Union Capital Relief Act of 2017 (H.R. 4464) was introduced by Rep. Bill Posey (R-Fla.). It would repeal NCUA’s risk-based capital rule.
“Credit unions throughout the United States have expressed significant concern over the NCUA’s risk-based capital standards rule which imposes risk-based capital standards for the purpose of determining whether a credit union is well-capitalized,” CUNA President/CEO Jim Nussle wrote. “Credit unions are concerned with NCUA’s legal authority to implement such standards and the substantial regulatory burdens and additional cost they impose.”
The Business of Insurance Regulatory Reform Act of 2017 (H.R. 3746) would clarify Title X of the Dodd-Frank Act to ensure the regulation is done at the state level.
“Many Americans rely on credit unions for their insurance products, especially those who may not have access through their employer,” Nussle wrote. “The business of insurance is state-regulated, however, actions by the CFPB have created some uncertainty and cause for concern.”
The Comprehensive Regulatory Review Act of 2017 amends the Economic Growth and Regulatory Paperwork Act to require the Federal Financial Institutions Examination Council and regulators, including NCUA and CFPB, to review all existing regulations every five years.
Nussle also acknowledged NCUA’s existing review of regulations every three years, and said CUNA does not wish to see that affected by any legislation.