Statement of CUNA President and CEO Dan Mica on the Repeal of 'CAP' by the NCUA Board

December 14, 2001

FOR IMMEDIATE RELEASE
Contact: Pat Keefe
(202)508-6765
pkeefe@cuna.com

"We are very pleased that a majority of the NCUA Board has voted to repeal the 'CAP' provision of the agency's chartering and field of membership manual, action CUNA has been urging the board to take since last year when it was first adopted.. This provision was unjustified, as there has been no evidence that community credit unions have failed to fulfill their responsibility to serve the entire community. Further, the NCUA Board acted prudently in making this change via an interim final rule, and seeking additional public comment before taking final action. We are also proud that a significant step has been taken in realizing a vision of the CUNA Renaissance Commission recommendations-that is, urging NCUA to be a regulator which focuses "only on those activities that are materially unsafe and unsound." The action taken by the NCUA Board today brings the agency within sight of this vision."

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