On May 8, 2017, NAFCU submitted comments on to NCUA, offering general support for the proposal so long as it does not conflict with the mutual, cooperative structure of credit unions.
On February 28, 2017, Congress Reps. Peter King (R-NY) and Brad Sherman (D-CA) reintroduced, for the 115th Congress, NAFCU-backed legislation (H.R. 1244) that would allow federal credit unions to receive payments on uninsured, non-share capital accounts, provided the accounts:
- 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.
- Are offered by a credit union that has been determined sufficiently well capitalized by the NCUA Board.