March 11, 2013 – The Coalition for Credit Union Access posted its pro-supplemental capital video on CUInsight last week and has it displayed it on its own website promoting the capital legislation, which would implement a key piece of NAFCU’s five-point plan for regulatory relief.
The website includes details about H.R. 719, the “Capital Access for Small Businesses and Jobs Act,” would allow federal credit unions to receive payments on uninsured, non-share capital accounts that:
- do not alter the cooperative nature of the credit union;
- are uninsured;
- are subordinate to all other claims against the credit union, including the claims of creditors, shareholders, and the National Credit Union Share Insurance Fund;
- are available to be applied to cover operating losses of the credit union in excess of its retained earnings and, to the extent supplied, will not be replenished;
- are subject to maturity limits as determined by the NCUA Board; and
- are offered by a credit union the NCUA Board deems to be sufficiently well capitalized.
H.R. 719 has 17 cosponsors. NAFCU is urging credit unions to help generate additional support; begin in our grassroots action center.