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News Now

Washington
CUNA urges Paulsons support for PCA reform
WASHINGTON (7/14/08)—The Credit Union National Association (CUNA) thanked U.S. Treasury Secretary Henry Paulson for his remarks recognizing credit unions during congressional testimony last Thursday, and used the occasion to urge him to support risked-based prompt corrective action (PCA) reform for credit unions. Testifying before the House Financial Services Committee on changes to the country financial regulatory structure, Paulson said he “appreciates what credit unions do” and does not want to “impact credit unions.” CUNA President/CEO Dan Mica told Paulson that credit unions “welcome your recognition.” He added that CUNA respectfully requests “that consistent with your comments the Treasury support PCA revisions for credit unions.” “Given the implementation of Basel II and the fact that a new proposal from the Federal Deposit Insurance Corporation and the Federal Reserve Board is pending that would allow all except the largest banks to take advantage of Basel II-type standards modified to fit their risk profiles, it is timely and appropriate to consider risk-based PCA reform for credit unions,” Mica urged. He noted that also within the context of last week’s committee’s hearing on financial restructuring, CUNA has written to its chairman, Rep. Barney Frank (D-Mass.), and ranking member Rep. Spencer Bachus (R-Ala.). CUNA urged their support for revisions to the Federal Credit Union Act that would replace the current inflexible statutory net worth standards for credit unions with a risk-based system that will more accurately reflect a credit union’s portfolio risk. (See News Now, July 11, “CUNA urges House panel to focus on CU risk system.”)


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