The House’s decision to approve H.R. 5841, the “Foreign Investment Risk Review Modernization Act” brings the Committee on Foreign Investment in the U.S. (CFIUS) one step closer to its first major revamp since 2007 and credit unions one step closer to a long-advocated two-year delay to risk-based capital requirements imposed by the National Credit Union Administration (NCUA).
The legislation, sponsored by Rep. Robert Pittenger (R-N.C.), passed by a 400-2 margin and is based on a bill (S. 2098) that received unanimous support in the Senate Banking Committee in May.
Find out more about what the legislation proposes.