Written by Michael Coleman, Regulatory Compliance Counsel
- Board Proposes
Limited Derivatives Authority to Manage Interest-Rate Risk
- Chairman's Corner:
A Surprising Success Story
- Board Actions: Board Approves Amendments to Agency Regulations and Issues Proposed Rule on Derivatives
- Board Perspective:
It's Time for Congress to Act
- Office of Consumer
Protection Report: Hurricane And Disaster Preparedness for Credit Unions
- Office of the Chief Economist Report: First-Quarter 2013 State Data Show Growth in Loans, Assets and Membership
- Region V Report: Loan Servicing Discrepancies
- Office of Small
Credit Union Initiatives Report: 2013 Grant Initiative Application Period
Begins June 17
- Office of Consumer Protection Report: Help Your Members Become Prepared Financially for Hurricane And Severe Weather Season
- Fastest First-Quarter Loan Growth in 5 Years
As always, the report includes some interesting articles and information. In this issue's "Board Perspective" section, NCUA Board Member Michael Fryzel calls on Congress to act on pending legislation concerning raising the member business lending cap, as well as legislation concerning supplemental capital. Here are a couple excerpts from the article:
"The Credit Union Small Business Job Creation Act of 2013 (H.R. 688) introduced in the House Representatives in February, and the Small Business Lending Enhancement Act of 2013 (S. 968) introduced in the Senate in May, would provide the much needed increase in the member business lending cap. In addition, the proposed legislation spells out strong criteria that credit unions, who are aggressive member business lending participants, must meet. With the passage of this legislation in its current form and with proper regulations in place, credit unions will be able to provide the much needed funding for small business expansion and improved economic growth. It’s time for Congress to act.
There is also proposed legislation on alternative capital sources. The Capital Access for Small Business and Jobs Act (H.R. 719), introduced in February, would permit credit unions to utilize uninsured, non-share accounts to supplement capital. In addition, the bill would stop an unfortunate practice that has become all too common—credit unions turning away deposits to protect their net worth ratios."
NAFCU supports H.R. 688 and S. 968, as well as H.R. 719. Check out NAFCU's issue brief on member business lending (scroll down to see NAFCU's numerous comment letters on the issue), and our issue brief on supplemental capital (including this support letter for H.R. 719). We hope that Congress heeds Board Member Fryzel's call to action!