Bill Posey's Bill Against NCUA's Credit Union Regulations Passes House Committee

The U.S. House Financial Services Committee passed a bill from a Florida congressman ensuring any new regulations on credit unions will be studied first. 

U.S. Rep. Bill Posey, R-Fla., teamed up with U.S. Reps. Stephen Fincher, R-Tenn. and Denny Heck, D-Wash., to bring out the bill pushing back against the  National Credit Union Administration (NCUA). Back in June, the NCUA offered new regulations for credit unions but the congressmen had “many unanswered questions” and insisted the new measures “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 Posey on Wednesday. “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.”