WASHINGTON–The House Financial Services Committee has set mark up of the so-called NCUA “stop and study bill” for Wednesday, Sept. 30, along with several other bills.
That legislation (HR 2769) would require NCUA to review its second risk-based capital proposal and report back to Congress on the agency’s authority to issue a two-tier, risk-based capital rule and the impact the rule would have on credit unions and their members. The bill was introduced by Reps. Stephen Fincher (R-TN), Denny Heck (D-WA), and Bill Posey (R-FL).
“NAFCU and our members appreciate Chairman Jeb Hensarling’s (R-Texas) leadership and dedicated efforts to advance greater transparency among regulatory agencies and greater regulatory relief for community financial institutions such as credit unions,” said NAFCU VP of Legislative Affairs Brad Thaler. “We look forward to continuing our work with Congress to champion regulatory relief for credit unions.”
The Sept. 30 mark-up will also include the NAFCU-supported H.R. 1266, which would replace the Consumer Financial Protection Bureau director post with a bipartisan commission; and H.R. 957, which would create an independent CFPB inspector general nominated by the president and confirmed by the Senate.