NEW: NCUA forms working groups on 2 of CUs' top issues

December 11, 2014

ALEXANDRIA, Va. (12/11/14, UPDATED 10:46 a.m. ET)--The National Credit Union Administration soon will have two new working groups--one to explore issues associated with credit union field-of membership (FOM) rules and the other to tackle the subject of supplemental capital.

NCUA Chair Debbie Matz announced the formation of the groups this morning at the agency's open board meeting.

CUNA President/CEO Jim Nussle called the announcement "a significant and welcome development" in these two key areas. "There is much work to do here and CUNA is ready to roll up sleeves and help move regulatory improvements forward."

CUNA advocates for supplemental sources of capital for credit unions and has urged federal regulators to consider adding a supplemental capital provision as part of its revised risk-based capital (RBC) regulation expected to be unveiled Jan. 15.  Board member J. Mark McWatters Wednesday confirmed to CUNA that he supports that objective (News Now Dec. 10).

CUNA also has explored field-of-membership issues with the agency, including recommendations to facilitate greater service to rural districts and other communities, in the near future. Watch News Now's Friday issue for more on the NCUA open board meeting actions.