NAFCU applauds Reps. King, Sherman introduction of supplemental capital bill

WASHINGTON, DC (February 13, 2015) — National Association of Federal Credit Unions (NAFCU) Vice President of Legislative Affairs Brad Thaler issued the following statement in response to NAFCU-supported legislation re-introduced today by Reps. Peter King (R-N.Y.) and Brad Sherman (D-Calif.),which addresses the critical issue of supplemental capital for credit unions.
“NAFCU thanks Reps. King and Sherman for their continued leadership on this issue,” said Thaler. “Capital reform is a key element of NAFCU’s five-point plan for credit union regulatory relief. Supplemental capital is even more important now with the prospect of NCUA’s second risk-based capital proposal, which could force some credit unions to shoulder a disproportionate amount of burden for the safety and soundness of the credit union industry.”

Thaler added, “We appreciate the support Reps. King and Sherman continue to show the credit union industry. We thank them and the bill’s cosponsors for championing legislation that would further credit unions’ ability to operate effectively within the financial marketplace and ensure superior service to their members.”

The bill’s cosponsors are Reps. Suzanne Bonamici, D-Ore., Chris Collins, R-N.Y., Richard Hanna, R-N.Y., Dennis Heck, D-Wash, Jared Huffman, D-Calif, Steve Israel, D-N.Y., Walter B. Jones, R-N.C., Gregory W. Meeks, D-N.Y., Grace Napolitano, D-Calif., Eleanor Holmes Norton, D-DC, Chellie Pingree, D-Maine, Bill Posey, R-Fla., Adam B. Schiff, D-Calif., and Brad Sherman, D-Calif.

King and Sherman were chief sponsors of similar legislation last Congress as H.R. 719, the “Capital Access for Small Businesses and Jobs Act.”

The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.

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