WASHINGTON (10/8/15)--Three legislators wrote to National Credit Union Administration Chair Debbie Matz this week, asking the agency to conduct a study into the effects of its revised risk-based capital proposal. An agency spokesperson confirmed the NCUA received the request, and that it would have a response.
Reps. Stephen Fincher (R-Tenn.), Denny Heck (D-Wash.) and Bill Posey (R-Fla.) asked the agency to voluntarily conduct the study, which is outlined in a CUNA-supported bill, the Risk-Based Capital Study Act (H.R. 2769). The bill would halt implementation of the risk-based capital proposal until its effects are studied and reported to Congress.
“Credit unions play a vital role in our congressional districts, and we are concerned that this regulation would seriously hinder the ability of credit unions to lend to our constituents, furthering the difficulty for Americans to access much-needed capital in our current economic climate,” the letter reads. “We firmly believe NCUA must do additional analysis--as the public deserves to understand the logic behind the proposal and its full impact--before the agency moves forward.”
H.R. 2769 passed the House Financial Services Committee last week by a 50-9 vote.
Fincher, Heck and Posey said NCUA’s conducting the study as an “act of good faith” would be in accordance with the will of the House Financial Services Committee and would “serve to foster a better understanding among the credit unions you regulate.”