CUNA and NAFCU today demonstrated their joints support for secondary capital for credit unions in a letter to the NCUA Board.
The letter, signed by NAFCU President Fred Becker and CUNA President Dan Mica, stated, "The statutory changes we support would authorize alternative capital from members, including from member sponsor and member select employee groups. It would also permit Section 208 assistance to be included as alternative capital."
The letter urged the NCUA Board "to develop a supportive position on alternative capital as quickly as possible."
"There are many issues facing the credit union system today, but none more important to those credit unions that need help than alternative capital," it read.
The joint letter also left open the door to improve prompt corrective action in the future.
