Looking back last year finds the much-heralded Check 21 law going into effect with some mixed reactions in credit union land. CenCorp President/CEO William Walby likened Check 21 today to a person with a camera phone trying to send a picture to someone who doesn't have a camera phone "What's the sense of sending if the other person can't receive it," said Walby. "There will be no major changes to credit unions or their members until the 19 large banks, which account for 60% of all checks cleared that make up SVPCo get ready for image exchange." EasCorp Senior Vice President Alan Bernstein described Check 21′s implementation date as "one of the most over-hyped events since Y2K, though it doesn't approach the level of hysteria from Y2K." Also in that issue NCUA Chairman JoAnn Johnson announced a few key capital changes from recommendations that RegFlex kick in at 7% net worth rather than the existing 9%, to the agency pursuing a risk-based system of capital for corporate credit unions. "We feel the risk-based capital system will actually improve the safety and soundness of corporates," said ACCU Executive Director Mike Canning. "It actually `incentivizes' conservative behavior. We look forward to working through the details of this massive undertaking over the next few months."