GAO Study On Secondary Capital Expected Soon

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A much-anticipated study by the Government Accountability Office (formerly known as the Government Accounting Office) on secondary capital for credit unions, is expected to be delivered in the next few weeks, according to a lawmaker who requested the study. Rep. Brad Sherman (D-CA), who has endorsed secondary capital for credit unions, told representatives for NAFCU during a lunch at the Democratic National Convention last week that lawmakers will use the GAO study as a blueprint for legislation addressing credit unions' needs for supplementary capital.

Legislation to allow credit unions to offer secondary capital is not expected to pass Congress this year but is expected to be introduced again next year when the 109th Congress convenes, Sherman told the group.

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