Sen. Rounds Makes Last-Ditch Attempt to Delay Risk-Based Capital Rule
This move comes as Congress approaches the last days of the lame duck session.
Sen. Mike Rounds (R-S.D.) is making a last-ditch attempt to delay the NCUA’s Risk-Based Capital rule for an additional year.
The bill is identical to a House measure that was included in several pieces of legislation that passed this year, a Rounds spokesperson said. The bill still could stall in the Senate, since opponents could force a 60-vote majority vote to even consider it.
The NCUA board earlier this year agreed to delay the rule an additional year, from Jan. 1, 2019 to Jan. 1, 2020.
However, NAFCU has been pushing for a longer delay.
“While NCUA’s delay was extremely welcome, we believe additional study is needed – particularly as relates to ensuring that credit union capital requirements are no more stringent than those required of the banking industry,” NAFCU Vice President of Legislative Affairs Brad Thaler said Thursday.
House supporters of the delay attached it in several pieces of legislation, but the Senate has not included it in any bill that has passed the Senate.
Delay supporters had hoped that the Senate would consider a House bipartisan capital formation bill that was sponsored by House Financial Services Chairman Jeb Hensarling (R-Texas) and the panel’s ranking Democrat, Maxine Waters of California.
However, that bill, which also contained the rule delay, has stalled in the Senate.