ARLINGTON, Va. — NASCUS President/CEO Mary Martha Fortney said from a state chartering, safety and soundness perspective the group generally supports efforts to pass the Credit Union Regulatory Improvements Act (H.R. 1537) with some additions and subtractions.
Regarding capital reform, Fortney said, "NASCUS feels it makes sound economic sense." However, NASCUS would like to take capital reform one step beyond a risk-based calculation to the addition of alternative capital sources for credit unions. She said NASCUS has not promoted a particular form for that to take, but is working on a report with Filene on the matter and has formed a task force to make recommendations to the NASCUS Board.
Additionally, NASCUS would like some major changes to the conversion provisions in CURIA, leaving oversight more in the hands of the state chartering agents. "Transparency in the process is critically important. However…NASCUS believes this is something that should be up to state law," Fortney advocated.
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