NASCUS Participates in Congressional Briefing on H.R. 719
July 19 The Coalition for Credit Union Access hosted a Congressional Briefing on July 18 on H.R. 719, the credit union supplemental capital bill. The Briefing was a success, with standing room only turnout. Approximately 45 Congressional staffers and several members of the media in attendance. The Briefing provided an opportunity to raise awareness on the need for supplemental capital and how supplemental capital could help credit unions meet member demands and support communities in their economic and jobs recovery.
Congressman Peter King (R-NY) and Congressman Brad Sherman (D-CA), the lead sponsors of H.R. 719, provided keynote remarks. Notably, Congressman King said that he is actively working to advance H.R. 719 by having it included in a moving legislative vehicle.
NASCUS President and CEO Mary Martha Fortney, CUNA President and CEO Bill Cheney, NAFCU President and CEO Fred Becker, Bill Mellin, President and CEO of CUANY served on a panel. Each panelists discussed how Supplemental Capital can enable credit unions to more fully serve credit unions members and potential members. NASCUS' Fortney stressed that regulators will set parameters so that credit union safety and soundness is not just preserved, but enhanced.
"NASCUS and state regulators have long recognized that credit unions are disadvantaged by a capital structure limited to retained earnings, and this legislation would provide the solution to this problem and we are pleased to be a part of this important Congressional Briefing," said NASCUS President and CEO Mary Martha Fortney.