Supplemental Capital at the Capitol: Editor's Column
Over the last couple of years, a small coalition of credit unions has built up the background and the foot soldiers to help maneuver supplemental capital legislation through Congress.
One can see where this could have been viewed by the trade associations as predatory to their business, but it’s absolutely not, according to The Coalition for Credit Union Access. The group has worked very hard, and wisely I would add, to build consensus among the trades, credit unions and the regulators on what the legislation to allow credit unions to count supplemental capital toward net worth should look like and what it would mean for credit unions.
Rep. Joe Baca (D-Calif.) signed on to officially support the legislation March 20 during GAC. The presence of 4,000 credit union leaders in Washington tends to have that effect, and more sign ups can be expected in the near term.
The number of co-sponsors is important to show broad enough support to get a bill to the floor of the House and passed so it can move on to the Senate. But the quality of the co-sponsors is crucial, too, and this bill has the support of many Financial Services Committee members, which is the committee of primary jurisdiction.