Mary Dunn, CUNA senior vice president and associate general counsel for regulatory affairs, participates in a May 26 panel discussion about key aspects of NCUA’s PCA proposal. The panel was sponsored by the Washington, D.C. group Women in Housing Finance as part of the group’s “Symposium on Capital Issues for Financial Institutions.” The panel also included NASCUS Executive Director Mary Martha Fortney (shown at left); Dave Marquis, director of NCUA’s Office of Examination and Insurance; and NAFCU Economist Jeff Taylor. “The problem with the current system is that net worth requirements are too high in relation to credit unions’ relatively low risk,” said Dunn. “In addition, credit unions do not have access to capital markets and may only build net worth through retained earnings.” Marquis explained how reform of capital standards is vital for credit unions as other federal financial regulators explore implementation of BASEL II and other capital reforms for banks in the United States

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