NASCUS Reiterates Already Stated Positions; Stays Out of Conversion Controversy
WASHINGTON - The NCUA Chairman was not the only credit union regulator to face the Committee as well. George Latham, Deputy Commissioner of Financial Institutions for the Virginia Bureau of Financial Institutions, testified on behalf of NASCUS. Latham stood up for PCA reform, endorsed CURIA, and expressed the need for alternative capital, stating that even with risk-based capital and changes to PCA some CUs may still need alternative capital to meet PCA standards. He also re-stated NASCUS' belief that non-federally insured credit unions should be eligible to join the Federal Home Loan Banks, and asked that the Committee consider adding this provision to H.R. 2317. Latham only fielded a few questions during the Q&A and largely was not part of the conversion questions.