WASHINGTON — NCUA Chairman JoAnn Johnson asked a group of credit unions visiting Washington, D.C. last week to help with two legislative priorities of the agency: risk-based capital and providing the authority for all charter types to adopt underserved areas.
Regarding Prompt Corrective Action reform, Johnson commented, "It's a system that isn't exactly the same as the other banking regulators but it is very comparable." Risk-based capital "would allow you, the industry, and us, the regulator to manage risk more effectively," she said.
Johnson also reminded attendees of NAFCU's Congressional Caucus that the credit union tax-exemption is based on the not-for-profit structure, not the products and services that they offer that are similar to banks–a line banking lobbyists are bringing with them to lawmakers.
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