Congressional sponsors of H.R. 2769, known as the Stop and Study bill, urged NCUA Chairman Debbie Matz Tuesday to voluntarily conduct the risk-based capital study detailed in the legislation before approving the final rule.
Numerous sources said the NCUA board will likely vote Oct. 15 to finalize RBC2; however, the board agenda will not be released until Thursday.
The House Financial Services Committee approved the Risk-Based Capital Study Act Sept. 30 by a 50-9 vote. The bill would require the NCUA to review its risk-based capital rule and report back to Congress the impact the rule would have on credit unions and their members. It would also require the NCUA to conduct additional research regarding whether or not it has the legal authority to finalize and enforce RBC2.
Reps. Stephen Fincher (R-Tenn.), Bill Posey (R-Fla.) and Denny Heck (D-Wash.) wrote in the letter they were concerned the rule would hinder credit unions' ability to lend to their constituents.
"We believe this act of good faith would be in accordance with the will of the Committee on Financial Services and serve to foster a better understanding of the proposal among the credit unions you regulate," they added.
NCUA Board Member Mark McWatters, who challenged the legal authority of the agency to enforce the rule, said he agreed with the sentiments expressed in the letter.
"I strongly concur with this reasonable request as an act of good faith, transparency, and respect on behalf of the agency toward Congress," he said.
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