The effort to allow credit unions to invest in supplemental capital gained steam on Monday when The Coalition for Credit Union Access announced eight credit unions have joined as members.
The credit unions joining the organization of federal and state chartered credit unions and state credit union leagues represent more than $12 billion in assets and serve nearly 1.2 million consumers, the coalition said in a release.
New members include:
- $1.7 billion Baxter Credit Union of Vernon Hills, Ill.
- $2.1 billion Coastal Federal Credit Union of Raleigh, N.C.
- $1.2 billion Elevations Credit Union of Boulder, Colo.
- $3.1 billion Kinecta Federal Credit Union of Manhattan Beach, Calif.
- $3.2 billion Mountain America Credit Union of West Jordan, Utah
- $143 million Mountain Credit Union of Waynesville, N.C.
- $1 billion Orange County's Credit Union of Santa Ana, Calif.
- $262 million Sooper Credit Union of Arvada, Colo.
Currently pending legislation, H.R. 3993, introduced in February by Reps. Peter King (R-N.Y.) and Brad Sherman (D-Calif.) would allow the NCUA to authorize well-managed, financially healthy credit unions to receive supplemental capital.
The Capital Access for Small Businesses and Jobs Act would remove the current constraining statutory definition of credit union net worth, the coalition said.
The bill would also provide regulatory parity, because other federally insured depository institutions have access to multiple sources of capital.
“Quite simply, the Capital Access for Small Businesses and Jobs Act would effectively increase the ability of credit unions to serve their members,” said Linda Armyn, senior vice president at the $5 billion Bethpage Federal Credit Union of Bethpage, N.Y. Bethpage already is a member of the coalition. “It's a common-sense approach that will help stimulate the economy now, when America needs it,” she said.
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