Yesterday, the board of the National Credit Union Administration's approved a final risk-based capital rule that provides regulatory relief for credit unions. It delays implementation of the risk-based capital rule by one year, to Jan. 1, 2020, and raises the threshold for risk-based capital compliance to $500 million in assets. The rule will be effective 60 days after its publication in the Federal Register, which is expected in the coming days.CUNA has been advocating for a longer delay and other substantive modifications but supports the changes to the effective date and threshold for compliance.
Board Member Rick Metsger said that NCUA can now begin developing a rule on alternative capital, which would likely be effective at the same time as RBC.
The board also approved a proposed rule that makes several amendments to federal credit union bylaws in order to update, clarify, and simplify, as well as provide additional guidance. The proposed changes include:
- Incorporation of legal opinions issued by the NCUA’s Office of General Counsel into the text of the Federal Credit Union Bylaws; and
- Removal of outdated or obsolete provisions.
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