NCUA Chairman Debbie Matz expressed her support for H.R. 719, the Capital Access for Small Business and Jobs Act, in a May 2 letter to the bill's sponsor, Rep. Peter King (R-N.Y.).
The bill would allow credit unions to utilize uninsured, non-share accounts to supplement capital.
"Your legislation would provide credit unions with an additional tool to promote sufficient capital stability – even under adverse economic conditions – and ensure that healthy credit unions would no longer be forced to turn away deposits in order to protect their net worth ratio," Matz wrote in the letter.
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