FOR IMMEDIATE RELEASE
CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; email@example.com
Washington, DC (May 22, 2018) – Today, Credit Union National Association sent this letter to Rep. Robert Pittenger (R-N.C.) in support of Section 701 of H.R. 5841, the “Foreign Investment Risk Review Modernization Act of 2018.” Section 701 would delay the risk-based capital rule finalized by the National Credit Union Administration (NCUA).
CUNA President/CEO Jim Nussle urged the House Financial Services Committee to consider and approve Section 701. The NCUA’s risk-based capital rule, which was finalized in October 2015, is a solution in search of a problem and would create risk-based capital standards for the purpose of determining whether a credit union is well-capitalized.
"Credit unions throughout the United States have expressed their significant concerns regarding the NCUA’s risk-based capital standards for credit unions. Specifically, many of these concerns pertain to whether NCUA has legal authority to impose the requirements," the letter reads. "In addition, credit unions have a particular concern with risk-based capital standards for the purpose of determining whether a credit union is well capitalized as the Federal Credit Union Act permits the NCUA to impose a risk-based standard for the purpose of determining capital adequacy only."
CUNA supports the measure and has previously backed legislation to repeal or delay the rule.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.