WASHINGTON — Rep. Blaine Luetkemeyer (R-Mo.) said NCUA Board Chairman Debbie Matz was essentially asking Congress not to do its job when she asked the House Financial Services committee to reject any amendment related to the risk-based capital proposal.
His comments were made during a speech on Wednesday at NAFCU's Congressional Caucus.
“I also request that the House Financial Services Committee refrain from considering amendments at tomorrow's markup related to NCUA's risk-based capital proposed rule, because this rulemaking is essential to protecting the safety and soundness of federally insured credit unions,” Matz wrote in a letter to House Financial Services Committee Chairman Jeb Hensarling (R-Texas) and Ranking Member Maxine Waters (D-Calif.) in July.
Luetkemeyer, a member of the House Financial Services Committee, had sponsored an amendment to the Community Bank Mortgage Servicing Asset Capital Requirements Study Act of 2014, which would have included the NCUA among the federal agencies required to conduct a study of appropriate capital requirements for mortgage servicing assets. If approved, it could have delayed any action from the NCUA Board on the proposal.
“Here's a regulator petitioning us, Congress, not to do our job. I mean, it's just beyond explanation. They don't want any oversight. They don't want anybody to interrupt their little games that they're playing,” Luetkemeyer said on stage at NAFCU's caucus.
The amendment was ultimately not approved by the committee.
The NCUA did not immediately respond to a request for comment.
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