Today, the NCUA voted to delay the implementation of its risk-based capital rule to protect the credit union system and its members. Board Member Todd Harper opposed. The rule, which delays the effective date by three years to January 1, 2022, would impose stronger capital requirements on the most complex credit unions. Senator Brown raised concerns about the delay when the NCUA issued its proposal in June.
“Again, Chairman Hood puts industry interests over working Americans. We know what happens to working families when a financial crisis hits. Strong capital requirements will help credit unions protect against failure, and the NCUA is ignoring the lessons of the past by delaying these important protections,” said Brown.