Earlier this year Rep. Peter King (R-NY) sponsored a bill to allow credit unions access to supplemental capital. Last week Rep. Frederica Wilson (D-FL) became the fourth Florida representative to co-sponsor the bill. She joins Reps. Bill Posey (R), Jeff Miller (R) and Alcee Hastings (D) on the bill.
HR 719 would officially amend the Federal Credit Union Act to empower federal credit unions to receive payments on certain uninsured non-share accounts, subject to such terms, rates, and conditions as may be established by the board of directors, within limitations prescribed by the NCUA board.
The bill has been referred to the House Committee on Financial Services.