April 12, 2010
Statement from NASCUS on NCUA Supplemental Capital White Paper
Arlington, Va. Today, National Credit Union Administration (NCUA) Board member Gigi Hyland released a Supplemental Capital White Paper, a product of more than of year of study on the statutory and regulatory considerations for supplemental capital.
In December 2008, Hyland announced that after discussions with NASCUS and state regulators, the agency should accelerate its consideration of supplemental capital. NASCUS has long supported supplemental capital for credit unions as a fundamental safety and soundness issue, and we continue to encourage Congress to make the necessary changes to the Federal Credit Union Act.
In response to the white paper, NASCUS President and CEO Mary Martha Fortney made the following statement:
"NASCUS commends Board member Hyland for spearheading this initiative and advancing the dialogue at NCUA on supplemental capital for credit unions," said Fortney. "NASCUS has long been on record in support of allowing credit unions to access supplemental capital. NASCUS agrees that it is an appropriate policy consideration and that after the necessary legislative changes are made, state and federal regulators are fully capable of developing the appropriate regulations to ensure that supplemental capital can be offered in a safe and sound manner and consistent with prudent consumer protections."
Kate Hartig, VP, Public Relations and Legislative Affairs, (703) 528-0669 or email@example.com