Congressional Letter on RBC Gains More Than 320 Signors, Including 11 from Michigan (Misc News: May 12, 2014)
More than 320 members of the U.S. House – include 11 of 14 from Michigan – have signed on to a letter asking the NCUA to revise its Risk Basked Capital rule.
The letter urges the NCUA to consider the economic impact the rule would have on credit unions and thus their members.
MCUL & Affiliates’ 35-member contingent to Hike the Hill last week in Washington was able to meet with someone from each lawmaker’s office, with several actually meeting with the member themselves. The group was able to meet with all of the Michigan members of the House Financial Services Committee.
Those signing the letter from Michigan are Democrats Gary Peters, John Conyers and Dan Kildee and Republicans Tim Walberg, Justin Amash, Bill Huizenga, Candice Miller, Fred Upton, Mike Rogers, Dan Benishek and Kerry Bentivolio.
"Such a large, bipartisan outpouring of concern by the House members should give NCUA pause,” MCUL CEO David Adams said. “The RBC proposal fundamentally misses an opportunity to give credit unions regulatory relief on net worth requirements. Instead of gaining some parity with banks, our regulator risks putting credit unions at a competitive disadvantage despite their lower risk profiles. NCUA needs to fix that."