NCUA Chairman J. Mark McWatters has endorsed a House Republicanplan to delay the agency's Risk-Based Capital rule, according to aletter obtained by CU Times.

“The legislation would not impede the NCUA's ability to managerisk at credit unions through other regulatory and supervisorymechanisms,” McWatters said in the letter sent Monday to Rep. BillPosey (R-Fla.). He added that the bill would not eliminate capitalrequirements for credit unions.

Posey has been pushing for a delay in the RBC rule. The HouseFinancial Services Committee on Tuesday approved legislation thatwould update the Committee on Foreign Investment in the UnitedStates. That bill also would delay implementation of the RBC rule,which is scheduled to go into effect on Jan. 1, 2019. The billwould delay implementation to Jan. 1, 2021.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.