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Today the House of Representatives passed Congressman Bill Posey’s bipartisan legislation to delay an unfair and overly burdensome regulation from being imposed on credit unions across our communities. Posey’s bill, H.R. 5288, the Common Sense Credit Union Capital Relief Act, which was reported favorably to the House floor with a bipartisan vote, would delay the National Credit Union Administration’s (NCUA) final risk-based capital rule until they can fix it.

“Millions of Americans throughout our communities utilize the important financial services offered by our local credit unions,” said Congressman Posey. “There are great concerns about the cost of this rule on credits unions, the legal authority of the NCUA to implement this rule and the regulatory burden this rule will have on credit unions.”

Specifically, the NCUA rule could negatively affect the country’s 110 million credit union members by unfairly categorizing credit unions as complex financial institutions that should not operate without setting large amounts of capital aside. Posey’s bill simply delays this rule so credit unions can continue to provide high quality financial services to their members rather than be forced to limit their services or close their doors while the issue is being addressed by the National Credit Union Administration.