WASHINGTON, DC (March 1, 2017) — National Association of Federally-Insured Credit Unions (NAFCU) Vice President of Legislative Affairs Brad Thaler today praised Reps. Peter King, R-N.Y., and Brad Sherman, D-Calif., for their bipartisan leadership in seeking credit union relief by reintroducing NAFCU-backed legislation, the “Capital Access for Small Business and Jobs Act,” which would give credit unions access to supplemental capital, an element of comprehensive capital reform supported by NAFCU.
“The ‘Capital Access for Small Businesses and Jobs Act’ would further credit unions’ ability to operate effectively within the financial services marketplace, now and into 2019, when the NCUA’s new risk-based capital requirements are set to take effect,” said Thaler. “We appreciate the support and leadership shown by Reps. King and Sherman in seeking to help ensure credit unions’ ability to grow and meet members’ changing needs.”
Other cosponsors for the bill, H.R. 1244, include Reps. Eleanor Holmes Norton, D-D.C., Bill Posey, R-Fla., Chellie Pingree, D-Maine, Tim Ryan, D-Ohio, Suzanne Bonamici, D-Ore., Dave Loebsack, D-Iowa, Derek Kilmer, D-Wash, and Walter Jones, R-N.C.
NAFCU’s 2017 legislative priorities include achieving a fair capital system for all federally-insured credit unions that provides for true risk-based capital and access to supplemental capital. NAFCU opposed NCUA’s risk-based capital rule, urging that it be withdrawn, and is now working on ways the rule could be made better for insured credit unions.
NAFCU is also reviewing the NCUA’s advance notice of proposed rulemaking, released by the agency board in January, on alternative forms of capital federally-insured credit unions could use to meet capital standards required by statute and regulation.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
