Supplemental Capital Bill Backers Claim More Co-Sponsors
Three more congressmen have signed on this month as sponsors of the latest House measure to attempt to raise the ability of credit unions to access supplemental capital, backers said Tuesday.
The Coalition for Credit Union Access said they are Reps. Spencer Bachus (R-Ala.), Charles Rangel (D-N.Y.) and Kerry Bentivolio (R-Mich.).
The NCUA also has backed the measure, which now has 31 co-sponsors as well as Reps. Peter King (R-N.Y.) and Brad Sherman (D-Calif.), the original sponsors of H.R. 719, the Capital Access for Small Businesses and Jobs Act.
The bill would allow credit unions to utilize uninsured, non-share accounts to supplement capital.
“These new co-sponsors demonstrate the momentum that is growing behind this important legislation,” the coalition said.
Nine of the sponsors are from the New York delegation, the coalition said.
“Clearly, H.R. 719’s supporters recognize the importance of credit unions in their states,” Linda Armyn, senior vice president of corporate strategy at the $5.3 billion, 216,700-member Bethpage Federal Credit Union on Long Island, said in the coalition’s announcement on Tuesday.
The Coalition for Credit Union Access calls itself a broad-based coalition representing federal and state chartered credit unions of all asset sizes and geographic diversity and state credit union leagues.
“Access to supplemental capital is essential to the long-term health and sustainability of the credit union system,” the coalition said.