NEW: House bill charges NCUA with careful consideration in RBC rule
WASHINGTON (6/17/15, UPDATED 5:38 p.m. ET)--The House Appropriations Committee has adopted language by voice vote that reflects the concerns of CUNA and credit unions regarding the National Credit Union Administration's continuing work to issue a risk-based capital (RBC) regime for credit unions.
Before approving the Financial Services and General Government Appropriations Act for FY 2016 this afternoon by a 30-20 vote, the committee amended this:
"Risk-Based Capital Rule.– The Committee is aware that the agency has released a revised risk-based capital proposal and that there were a large number of comments received. Consistent with safety and soundness and before finalizing the rule, the Committee encourages NCUA to give careful consideration to the comments, including those related to risk weights, to ensure credit is readily available to consumers, family farms, and small businesses to support job creation."
CUNA has thanked the NCUA for substantial improvements made in its revised RBC proposal, but has remained concerned that further changes are needed to better reflect the realities credit unions face under the current system. CUNA is hopeful this language from Congress will help encourage the NCUA to make further refinements to the rule.