ATLANTIC CITY, N.J. -- CUNA President/CEO Bill Cheney said today that key lawmakers are interested in injecting credit union capital issues into the general capital discussions in Congress.
Cheney said that members of Congress in key positions for credit unions want to include credit unions in upcoming capital discussions on the Hill.
Alternative capital is priority No. 2 for CUNA's lobbying efforts-second to member business lending, according to the CUNA CEO. He noted that Basel 3 will bring bank capital requirements up to 7%, where the credit unions already are.
If there is to be alternative capital for credit unions, Cheney emphasized that it must not hinder the one member, one vote principle; any claims would be junior to federally insured claims; the investments would be suitable to everyday members; and that it would be optional, among other standards.
On the topic of business lending, Cheney pointed out the irony of banks claiming that credit unions aren't good business lenders but that charge-offs at banks are four times that of credit unions. He added that the business lending lobbying efforts should not be counted down and out for the year.
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