Press

NCUA working groups “very significant development for two key areas”

WASHINGTON, DC (December 11, 2014) – The National Credit Union Administration (NCUA) Chair Debbie Matz announced the formation of two working groups this morning at NCUA’s open board meeting. One group will explore issues associated with credit union field-of membership (FOM) rules and the other to tackle the subject of supplemental capital.

“The NCUA announcement of two new working groups is a very significant development for two key areas – credit union field-of membership rules and supplemental capital,” said CUNA President and CEO Jim Nussle.  “There is much work to do here and CUNA is ready to roll up our sleeves and help move regulatory improvements forward. We are pleased that these initiatives are going forward with the support of the other two board members.”

CUNA advocates for supplemental sources of capital for credit unions and has urged federal regulators to consider adding a supplemental capital provision as part of its revised risk-based capital (RBC) regulation expected to be unveiled Jan. 15. CUNA has also explored FOM issues with the agency, including recommendations to facilitate greater service to rural districts and other communities, in the near future.

---