PRESS RELEASE
December 8, 2008
ARLINGTON, Va. —NASCUS looks forward to working with the National Credit Union Administration (NCUA) to consider supplemental capital options for credit unions.
NCUA Board member and NASCUS liaison Gigi Hyland announced today that she is accelerating the consideration of supplemental capital approaches, having listened to the compelling arguments made by NASCUS and state regulators that this is the time to seriously consider access to some form of capital sources for credit unions.
“NASCUS and state regulators believe access to supplemental capital for credit unions is a critical safety and soundness issue,” said NASCUS President and CEO Mary Martha Fortney. “As we have repeatedly stated, now is the time to make the necessary changes to ensure that credit unions are well positioned into the future, maintain their safety and soundness and protect and grow liquidity. We are pleased by NCUA’s willingness to review the issue in collaboration with state regulators.”
NASCUS has consistently encouraged the federal credit union regulator, Congress and others to consider comprehensive capital reform for credit unions as a tool for enhancing safety and soundness. The current unpredictable economic environment has prompted the NASCUS Board of Directors and state regulators to determine that there is no reason to delay the legislative and regulatory amendments allowing credit unions access to supplemental capital.
To read more about NASCUS’ capital reform efforts, follow this link to the NASCUS Web site.
Information
Contact:
Kate Hartig, Director, Communications and Public Affairs,
(703) 528-0669 or kate@nascus.org
The
NASCUS mission is to enhance state credit union
supervision and advocate a safe and sound state
credit union system.
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