The CU Times ran a story on Thursday highlighting two leagues that sent letters of support to their U.S. Representatives for H.R. 2769, a bill asking the NCUA to stop and study its risk-based capital (RBC) rule. The LSCU & Affiliates President/CEO Patrick La Pine wrote Rep. Bill Posey (R-FL) on behalf of credit unions in Florida. The Times highlighted some of the text including where La Pine thanked Rep. Posey, “Asking the NCUA to take a step back and do more research on the necessity of this type of rule is not only prudent, but necessary.”
The letter continues with La Pine pointing out that the rule comes at a time when the economy is improving and the RBC rule would hinder credit unions ability to serve their members, “Imposing new rules that would make it difficult for Americans to receive access to capital can negatively impact that turn around. Further, credit unions continue to operate safely and soundly and see no need for additional regulatory requirements that will increase an ever-growing burden.”
The CU Times story also looks at letter of support from the California/Nevada League, as well as support from CUNA. You can read the story on the CU Times website.