Almost 75% of the U.S. House of Representatives has agreed to sign a letter to NCUA Board Chairman Debbie Matz requesting changes to the agency's proposed rule on risk-based capital for credit unions.
Reps. Peter King (R-N.Y.) and Gregory Meeks (D-N.Y.), both members of the House Financial Services Committee, wrote the letter, which is expected to include signatures from 173 Republicans and 151 Democrats. CUNA said that includes 49 of the 60 members of the Financial Services Committee.
"The risk weightings include concentration-based weights which, at the higher levels, would be considerably higher than those applied under the Basel system for banks," the letter said. "We are concerned this portion of the proposal could unnecessarily hinder credit union lending to homeowners and small businesses."
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