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Hyland applying finishing touches to alt cap guidance
WASHINGTON (11/14/09)—The finishing touches are being applied to National Credit Union Administration board member Gigi Hyland’s white paper on credit union alternative capital and it could be before the agency board by January. Hyland told league presidents at the American Association of Credit Union Leagues Annual Meeting in Naples, Fla. last week that she is just now “putting the finishing touches” on the report that is intended to help guide the NCUA deliberation on secondary capital. “I want to be sure it is as thorough and complete as it can possibly be,” Hyland said. While earlier she had hoped to complete it by December, she said January is now more realistic given her recent focus on the coming corporate credit union proposal, expected to be unveiled by the agency at its meeting this Thursday. Hyland said the white paper will look at alternative capital with credit unions’ cooperative model in mind, balanced with the economy’s impact on the credit unions, their interest in additional capital sources, and consumer protection considerations. “We’ll discuss the fact that statutory changes are needed, and there are other tweaks in PCA (NCUA’s prompt corrective action rules) that would allow NCUA to be responsive in times like this,” she added. Once finalized, the paper, Hyland said, will be sent to the agency’s regional offices for comment and then shared with fellow NCUA board members to see how they want to proceed with it. Still to be determined is whether it will be on the board meeting agenda for action or used internally as a reference. “It’s really up to the NCUA board to figure out” what is done with the white paper,” he said. On member business lending (MBL), Hyland emphasized the need for credit unions to do the necessary due diligence and understand the risk parameters, a need that would become more pronounced if Congress raises the current statutory cap on MBLs. The MBL issue will be the subject of a webinar Hyland is hosting today (see resource link). Examiners will discuss what they are seeing in the field, what is working and what is generating concern, she said. NCUA MBL Webinar Today
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