On Thursday, HR 3993 - the Capital Access for Small Business & Jobs Act - was introduced in the US House. The measure would provide credit unions with the appropriate ability to raise capital from sources other than retained earnings while maintaining the “one member, one vote” principle that is the bedrock of the credit union ownership structure. Further, it would improve the safety and soundness of credit unions by allowing them to develop a supplemental cushion to reduce risk to the National Credit Union Share Insurance Fund.
Congressman Larry Kissell is an original sponsor of the legislation. "Over his political career, Cong. Kissell has been a staunch supporter of credit unions," noted Dan Schline, NCCUL SVP of Association Services. "His sponsorship of this important piece of legislation, which credit union have discussed with elected officials in Washington, DC for years, is greatly appreciated."
For more on this story, be sure to read CUNA News Now on Friday.