Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
NEW: Bachus Agrees To Co-Sponsor CU Supp Cap Bill
WASHINGTON (6/5/13, UPDATED 1:40 p.m.. ET)--Rep. Spencer Bachus (R-Ala.), immediate past chair of the House Financial Services Committee, has agreed to co-sponsor a credit union supplemental capital bill, the Capital Access for Small Businesses and Jobs Act  (H.R. 719).

The bill would allow well-capitalized credit unions to match a growing deposit base from a growing membership with capital from sources other than retained earnings--which currently is the only type of capital that counts toward capital ratio. It was introduced in February by Rep. Pete King (R-N.Y.) and already has 29 co-sponsors, prior to Bachus signing on.

The Credit Union National Association  strongly backs the bill and the legislation has regulators' support as well.

Last month, National Credit Union Administration Chair Debbie Matz wrote to lawmaker King, and his chief co-sponsor, Rep. Brad Sherman (D-Calif.), to say that if the U.S. Congress enacts the capital-access bill, her agency will "promptly propose the necessary rule changes required for implementation."

Matz wrote, "As we witnessed during the recent economic crisis, maintaining sufficient capital is critical at time of economic stress...Your legislation would provide credit unions with an additional tool to promote sufficient capital--even under adverse economic conditions--and ensure that healthy credit unions would no longer be forced to turn away deposits in order to protect their net worth."
Other Resources

H.R. 719
RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
1 Day ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
18 hours ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
20 hours ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
20 hours ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
20 hours ago