Today: NCUA Chairman Kyle Hauptman to testify before House committee
NCUA Chairman Kyle Hauptman is set to appear before the House Financial Services Committee today, and comments submitted to the committee outline priorities for several issues before the committee and regulators.
The letter:
- Urges the NCUA to finalize its rulemaking preempting the Illinois Interchange Fee Prohibition Act as expeditiously as possible, given the ongoing and time-sensitive litigation in Illinois and the fact that at least 21 other states have recently proposed or carried forward similar interchange prohibition legislation.
- It also asks the committee to support parity across federal instrumentalities, including federal credit unions, as participants in the payments system to confirm that federal laws and preemption principles limit states’ authority to regulate non-interest charges and fees;
- Encourages NCUA to take steps to provide credit unions capital relief, including adjusting the Complex Credit Union Leverage Ratio, subordinated debt rule, Complex Credit Union threshold, stress test capital tiers, and treatment of mortgage servicing assets and residential real estate exposures under the risk-based capital rule;
- Encourages Congress to support continued momentum in this area and add de novo credit union language as discussions continue on the Main Street Capital Access Act;
- Urges continued oversight of the NCUA’s role in Bank Secrecy Act (BSA) and anti-money laundering supervision;
- Suggests careful consideration of the risk posed by entities without comparable supervisory regimes to credit unions and banks that have access to Fed payments clearing and settlement infrastructure.
The hearing is scheduled to begin at 10 a.m. Eastern today and will be streamed live on the committee’s website. America’s Credit Unions will provide updates as needed to membership following the hearing.
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