NAFCU welcomes capital ANPR, urges pilot program
NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt on Monday welcomed the NCUA’s advanced notice of proposed rulemaking on alternative forms of capital and recommended that a framework be developed through a pilot program, similar to the one used for the derivatives rule.
“A regulatory capital framework that authorizes supplemental capital would grant credit unions an additional option to guard against risk, achieve growth, and ensure that our industry remains a bedrock of stability for the 106 million Americans who currently look to credit unions as a vital source of affordable financial services,” Hunt wrote to the NCUA.
Hunt, in a letter, said NAFCU’s approach to alternative capital emphasizes the following general principles:
- that the not-for-profit, mutual, member-owned structure of credit unions be preserved;
- that their capital structure not be fundamentally changed and that the safety and soundness of the credit union community be preserved;
continue reading »