Stop and study bill sponsors send letter to NCUA

The three sponsors of HR 2769, the Risk-Based Capital Study Act, sent a letter to NCUA Chairman Debbie Matz outlining steps the regulator should implement concerning risk-based capital. Reps. Bill Posey (R-FL), Stephen Fincher (R-TN), and Denny Heck (D-WA) wrote that they “have an interest in ensuring stability of the financial system while preserving the […]

The three sponsors of HR 2769, the Risk-Based Capital Study Act, sent a letter to NCUA Chairman Debbie Matz outlining steps the regulator should implement concerning risk-based capital. Reps. Bill Posey (R-FL), Stephen Fincher (R-TN), and Denny Heck (D-WA) wrote that they “have an interest in ensuring stability of the financial system while preserving the ability of the system to pursue responsible riskĀ­ taking.” They acknowledge the role credit unions play in the economy and would not want to see anything hinder their ability to lend money.

The letter asks Chairman Matz “to voluntarily undertake the study outlined in our bill, and communicate your findings and recommendations to Congress, before moving forward and finalizing the risk-based capital rule.” The letter goes on to say that the sponsors would see this as an act of good faith and would serve to foster a better understanding of the proposal among the credit unions that the NCUA regulates.

The letter ends with the sponsors asking for a response. HR 2769 passed the House Financial Services Committee and has been referred to the full House.

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