There could be new developments this week on one of the credit union industry’s most controversial issues.
The National Credit Union Administration is expected to once again consider its controversial risk-based capital rule as part of its June open board meeting. First proposed in 2014, the rule received an onslaught of criticism, drawing more than 2,000 responses from across the industry. The proposal was subsequently amended but implementation has been delayed multiple times, first set for January of this year and then
The content of this week’s hearing remains unknown, though some have speculated that the hearing could further delay when the rule goes into effect in order to study it further or combine a delay with new proposals related to credit union capital standards. NCUA Chairman Rodney Hood has indicated a willingness to push back implementation again, and with the board now at full capacity – two Republicans (Hood and former Chairman Mark McWatters) and a Democrat (Todd Harper) – there may be enough votes to move a proposal forward that did not exist during the three years the board was manned by just McWatters and former board member Rick Metsger. McWatters originally
Credit Union Journal will have full coverage of Thursday’s board meeting.
This week also marks the start of the
Credit Union Journal will have coverage of these events throughout the week.
With the House and Senate both in session, talk around the Senate's version of the National Defense Authorization Act is expected. The House Armed Services Committee last week left out a proposed amendment that
The Senate Banking Committee will also hold hearings on reauthorizing the terrorism risk insurance program and collecting beneficial ownership information, on Tuesday and Thursday, respectively. The latter continues Congress's bipartisan effort to draft anti-money- laundering legislation.
The House Financial Services Committee will hold a number of hearings, including one Wednesday on strengthening securities law.
This story was updated at 2:49 P.M. on June 17, 2019.