Newsroom

FOR IMMEDIATE RELEASE

Washington (Jan. 19, 2017) -- National Association of Federally-Insured Credit Unions (NAFCU) Executive Vice President of Government Affairs and General Counsel Carrie Huntissued the following statement in response to the National Credit Union Administration (NCUA) Board's release of an advance notice of proposed rulemaking on alternative capital and the board briefing on statutory civil money penalty adjustments during its open meeting today.

"NAFCU applauds NCUA Board Chairman Rick Metsger and Board Member J. Mark McWatters for their efforts to address the critical issue of alternative forms of capital," said Hunt. "NAFCU has long championed providing credit unions with more flexibility to meet capital requirements. We also continue to advocate for legislation that would create a fair capital system providing, among other things, access to additional capital for all credit unions, regardless of charter type."

Regarding civil money penalties, NAFCU supports timely filings. However, NAFCU firmly believes that the NCUA should carefully consider each credit union's individual circumstances before assessing a penalty. Credit unions continue to face significant regulatory burden. NAFCU will be seeking additional feedback from its members on issues they may be having with filing.

The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation's federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go towww.nafcu.orgor @NAFCU on Twitter.

Patty Briotta
Director of Public Relations
Office:703-842-2820
pbriotta@nafcu.org