Rep. Bachus Agrees to Co-sponsor CU Supplemental Capital Bill
06/05/2013 01:46 pm
Following a visit with LSCU's governmental affairs team, Rep. Spencer Bachus (R-AL), immediate past chair of the House Financial Services Committee, has agreed to co-sponsor a credit union supplemental capital bill, the Capital Access for Small Businesses and Jobs Act
The bill would allow well-capitalized credit unions to match a growing deposit base from a growing membership with capital from sources other than retained earnings - which currently is the only type of capital that counts toward capital ratio. It was introduced in February by Rep. Pete King (R-NY) and already has 29 co-sponsors, prior to Rep. Bachus signing on.
CUNA strongly backs the bill and the legislation has regulators' support as well.