WASHINGTON — During today's session of NAFCU's Congressional Caucus, NCUA Chairman JoAnn Johnson said that credit unions must remain vigilant on subprime mortgage effects and the tax-exemption while lending their voices to these and other causes.
Credit unions must remain vigilant not only with their balance sheets in looking for the effects of the subprime crisis, but also in letting their members of Congress know that "credit unions are not part of the problem but part of the solution." Johnson said she did just this in testifying before Congress earlier this year.
Credit unions also need to be vigilant when it comes to talk of removing their tax-exemption. Johnson commended NAFCU "for your quick and effective action" in getting Treasury to clarify its intent with its corporate taxation backgrounder.
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CURIA, and in particular the risk-based capital scheme, is another area where credit unions should vigilantly pursue a more accurate measure of capital, she said, comparable to the banks' system.
Johnson also applauded the credit union movement for being vigilant over NCUA's rulemaking process. She said that NCUA would soon be coming out with its final rule on member access to books and records, which is certain to be better than the proposal because of industry input.
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