NASCUS meets with Congressman Gary Miller's Staff to Advocate for Supplemental Capital and a State Regulator on the NCUA Board
August 9 NASCUS' Mary Martha Fortney met with Congressman Gary Miller's (R-Calif.) legislative staff to discuss H.R. 2572, the Regulatory Relief for Credit Unions Act of 2013, which was authored by the Congressman. Among other provisions, the bill would establish a risk-based capital system and standards for the use of leverage ratios for credit unions. The bill would also allow NCUA to grant federal credit unions a waiver to follow a state rule instead of a federal one in certain situations.
During the meeting, NASCUS asked the Congressman's staff to consider expanding the capital section of the bill to include supplemental capital because of its positive impact on credit union safety and soundness. NASCUS also raised the issue of increasing the NCUA Board from three to five members and designating a seat on the NCUA Board to a former state regulator similar to FDIC.
NASCUS is working on scheduling meetings with Chairman Jeb Hensarling, Ranking Member Maxine Waters and others in the coming weeks to bring issues important to the state system to more of the Financial Services Committee leadership.