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September 14, 2009 - At the invitation of the Wyoming Valley Chapter of Credit Unions, NASCUS President and CEO Mary Martha Fortney discussed supplemental capital for credit unions as the featured speaker at the September 8, 2009 Quarterly Chapter Meeting held in Wilkes-Barre, Pennsylvania.
After opening remarks from Chapter President and NASCUS Advisory Executive Council director Debbie Peters, Incol Credit Union, and Pennsylvania Credit Union Association President Jim McCormack, Fortney discussed NASCUS’ position on supplemental capital and the need to reform credit union capital standards.
“For years, NASCUS has supported supplemental capital for credit unions,” said Fortney at the event. “State regulators believe that providing capital options for credit unions is a matter of safety and soundness and an important cushion for the insurance fund. NASCUS continues to advocate for the legislative and regulatory changes to make supplemental capital a tool for credit unions.”
Fortney also explained the characteristics necessary for supplemental capital for credit unions including preserving the tax exempt status and the mutuality of credit unions, proper disclosures and appropriate regulatory parameters. A group of state regulators is working on a task force with NCUA to study supplemental capital for credit unions.
For information on supplemental capital, follow this link.
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