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The secondary capital debate draws deep-seated philosophical arguments from both sides as you’ve seen in letters to the editor and opinion pieces in this publication and elsewhere, and NCUA Board Member Gigi Hyland’s recently released white paper on the subject stirred the pot further.

The issue of secondary capital has many complex aspects in addition to the actual complexity of structure. Less quantifiable, but probably more important, political considerations are at play, too. There are intra-credit union politics pitting opponents against backers that have gotten quite snippy. There are agency and Capitol Hill considerations as well.

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