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
CUNA-NAFCU meeting on alt. capital today
WASHINGTON (10/14/09)—The Credit Union National Association (CUNA) will meet with the National Association of Federal Credit Unions (NAFCU) today to begin a draft of the groups’ letter to the National Credit Union Administration (NCUA) on a joint proposal for reforming alternative capital rules for credit unions. “It is our understanding that we have reached an agreement with NAFCU on a proposal,” said CUNA Deputy General Counsel Mary Dunn Tuesday. CUNA is also working with the National Association of State CU Supervisors on the alternative capital plan. In the letter to NCUA, CUNA and NAFCU will propose that credit unions be allowed to accept and count as capital funding such sources as:
* Members of the credit union; * Member sponsors and select employee groups of CUs; and * Assistance provided to credit unions by NCUA under Section 208 of the FCU Act.
Additional capital would not be federally insured and could pay a higher return to members. The additional capital would also be subordinated to other claims against a credit union and the National Credit Union Share Insurance Fund. The NCUA is developing its own white paper study on alternative capital issues. First expected to be released in December, board member Gigi Hyland indicated at recent NCUA Town Hall meetings that the agency would likely advance that timing. Federal lawmakers have indicated to CUNA that agreement on an approach to alternative capital must be reached by CUNA, NAFCU, NCUA, NASCUS, and U.S. Treasury Department for a plan to become a viable topic on Capitol Hill.


RSS





print
News Now LiveWire
.@NACHAOnline report: ACH volume increases to 23B payments in 2014 http://t.co/va2WYMh4Zv
37 minutes ago
.@CUNA's @HampelBill in @washingtonpost on options for wary mortgage borrowers: http://t.co/CPSgTNgwmm
5 hours ago
Housing starts thaw, mortgage rates stand pat #Market #NewsNow http://t.co/hhPj5v5AH3
6 hours ago
.@CUNA files #RBC2 comment, urges #CU system to be heard #NewsNow http://t.co/yfoZHAMlZc
6 hours ago
#NewsNow Youth Month attracts 100,000th member for Mich. CU http://t.co/cgF5o83XlK
7 hours ago