WASHINGTON — Preserving an independent regulator, obtaining risk-based capital and expanding the ability of credit unions to make business loans are among the top priorities NAFCU outlined in a letter sent today to President-elect Barack Obama.
“America's credit unions play a distinct and important role in the U.S. financial marketplace and accordingly, as you transition and your administration moves forward, we hope we that we can be a resource to you on any credit union or other financial services issues,” NAFCU President and CEO Fred Becker wrote Obama.
He said risk-based capital and raising the amount of money credit unions can lend to businesses would help credit unions and enable them to help more businesses obtain capital, and thus create new jobs.
Keeping NCUA as an independent agency is important because “the fact that credit unions were not responsible for the economic turmoil is testament to the current framework, the heart of which independent regulator for credit unions,” he wrote.
Becker also reiterated the group's opposition to losing the credit unions' tax- exempt status Doing this will enable them to provide low-cost services “with the emphasis on cooperative values such as democracy and volunteerism,” he added.
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