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GAO Study Undecided on Secondary Capital for CUs, Expected Out Soon

WASHINGTON-The Government Accountability Office's report concerning secondary capital for credit unions, is not going to be a ringing endorsement in favor of the option, according to one lobbyist. CUNA Vice President for Legislative Affairs and Senior Legislative Counsel Gary Kohn told Credit Union Times that reliable sources have informed him...

By Staff Writer | Updated on August 03, 2004

WASHINGTON-The Government Accountability Office’s report concerning secondary capital for credit unions, is not going to be a ringing endorsement in favor of the option, according to one lobbyist. CUNA Vice President for Legislative Affairs and Senior Legislative Counsel Gary Kohn told Credit Union Times that reliable sources have informed him that the study will be coming out July 30. Kohn said it is his understanding that the report will state that GAO is “not quite sure this is a real solution at this point.” The study refers to the controversy within the credit union movement on alternative capital as a reason it may not be the best option right now, Kohn said. Last congressional session, House Financial Services Committee Member Brad Sherman (D-Calif.) had requested the study along with the committee chairman and ranking member. He has said he plans to introduce legislation based on the report’s findings. Prior to entering the U.S. House, Sherman was a lawyer and accountant.

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