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In a letter to Senate Majority Leader Mitch McConnell, R-Ky., and Senate Minority Leader Chuck Schumer, D-N.Y., Vice President of Legislative Affairs Brad Thaler urged the leaders to bring up and pass the JOBS and Investor Confidence Act of 2018, the House amendment to S. 488, which contains important regulatory relief for credit unions.
 
Specifically, Thaler encouraged McConnell and Schumer to consider the bipartisan package as it contains language that would delay the NCUA’s risk-based capital (RBC) rule from taking effect by two-years, moving the implementation date from Jan. 1, 2019, to Jan. 1, 2021.
 
Just recently, the House passed for a second time a two-year delay of the NCUA's RBC rule. NAFCU has been leading the effort for an RBC delay on the Hill and will continue to hold meetings with key policymakers.
 
This RBC-delay provision, also included in the House-passed Foreign Investment Risk Review Modernization Act of 2018 (H.R. 5841) and the JOBS Act 3.0, comes from the Common Sense Capital Relief Act (H.R. 5288), which was introduced by Reps. Bill Posey, R-Fla., and Denny Heck, D-Wash., in March. NAFCU President and CEO Dan Berger met with Posey and Heck to thank them for their ongoing efforts to protect the industry from the adverse effects of this rule.
 
NAFCU supports an appropriate RBC system for credit unions, but has urged the RBC rule be modified or effective date delayed, particularly because of increased regulatory burdens and costs.
 
NAFCU will monitor this bill as it makes its way to the Senate.