House Passes Bill that Includes RBC delay

The JOBS and Investor Confidence Act of 2018 (S. 488), which includes a provision to delay implementation of the NCUA’s risk-based capital rule (RBC) by two years to January 2021, passed the House in a 406-4 vote Tuesday night.

All Representatives from the Maryland delegation voted in support of the legislation. Two other bills under consideration by Congress include provisions that would delay the RBC rule:  HR 5288, the Common-Sense Credit Union Capital Relief Act of 2018 and HR 6147, the Department of Interior, Environment and Related Agencies Appropriations Act of 2019.

The MD|DC Credit Union Association has supported delaying implementation of the RBC rule. The Association sent a joint letter with the Cooperative Credit Union Association to the NCUA in June, urging the agency to delay RBC implementation and raise the threshold for complex credit unions to $500 million.