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Committee Approves Posey Legislation to Put the Brakes on New Credit Union Regulations

A bipartisan measure introduced by U.S. Representatives Stephen Fincher (R-TN), Bill Posey (R-FL) and Denny Heck (D-WA) to require additional study of newly proposed regulations for credit unions was approved by the House Financial Services Committee today. In June, the National Credit Union Administration (NCUA) proposed regulations for capital risk standards for credit unions that leaves many unanswered questions and could be disruptive for credit union members.

“Every regulator should take time and effort to evaluate the regulations they propose so we can better understand their implications,” said Representative Bill Posey. “By requiring a comprehensive study of the NCUA proposed rule, our bipartisan bill will set us on the right track toward a better designed risk-based capital system that won’t adversely impact the millions of Americans throughout our communities who utilize the important financial services provided by credit unions.”

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