Florida Congressman Bill Posey (R-Rockledge) has introduced legislation that would repeal the NCUA’s risk-based capital (RBC) rule. Since the RBC rule was finalized last year, credit unions throughout the country have expressed their concerns to the NCUA, specifically on whether the agency was within their legal rights to impose these requirements. Rep. Posey has long been opposed to the massive amounts of regulation pouring down on credit unions in Washington.
CUNA and the Leagues have sent Rep. Posey a letter of support for H.R. 4464 and have offered their assistance to his office. As more develops, we will continue to keep credit unions informed.