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Washington
CUNA NAFCU unite for alternative capital proposal
WASHINGTON (10/19/09)--The Credit Union National Association (CUNA) and the National Association of Federal Credit Unions (NAFCU) announced their support for secondary capital for credit unions in a Friday joint letter to members of the National Credit Union Administration (NCUA) Board. The letter, which was signed by CUNA President/CEO Dan Mica and NAFCU President Fred Becker, noted that while the credit union system faces many issues, there is “none more important” for beleaguered credit unions than the issue of alternative capital. A similar letter is being sent to the National Association of State Credit Union Supervisors and to the National Federation of Community Development Credit Unions. While CUNA supports broad authority for credit unions to be able to obtain secondary capital, CUNA has agreed to work with NAFCU to support alternative capital for credit unions that would come from their members, which could also include sponsor organizations and select employee groups. They also agreed that credit unions should be able to count in their net worth calculations assistance received from NCUA under section 208 of the Federal Credit Union Act. The alternative capital would not be federally insured, and would be subordinated to other claims against an insured credit union and the National Credit Union Share Insurance Fund. According to the letter, the two groups aim “to achieve alternative capital authority for federally insured credit unions this year.” The credit union leaders asked the NCUA Board members for their support of the measure in an expression of unity by the credit union community as it prepares to take the legislative proposal forward. The legislative proposal represents “an important step forward on this critical issue,” and the CUNA and NAFCU leadership asked for the NCUA’s support going forward as they “move toward expeditious enactment” of the legislation in Congress.”


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