Johnson 'Wishes' For CURIA During WesCorp Summit

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The California Credit Union League and WesCorp co-hosted the "2005 Credit Union Summit" at WesCorp's headquarters here last week.

JoAnn Johnson, chairman of the National Credit Union Administration (NCUA), and U.S. Rep. Ed Royce (R-CA) were the featured speakers, along with David Chatfield, CEO of the California CU League, and Bob Siravo, CEO of WesCorp.

Johnson announced NCUA's release of a draft report of proposed reforms for Prompt Corrective Action (PCA) for credit unions. She said a risk-based system more closely meets the needs of CUs (see related story, page 1).

"It will be comparable to FDIC-insured institutions," said Johnson. "A well-designed system would provide management the ability to manage capital levels."

Congressman Royce, who is a member of the House Financial Services Committee and co-sponsor of last year's Credit Union Regulatory Improvements Act (CURIA), said a new version of the bill will be appearing shortly.

"To get this bill through in the 109th Congress, we'll have to work together," he said to an audience of credit union CEOs. "I ask for your support to lobby Congress to get CURIA passed. I hope you will energize your colleagues and your members to write, call and visit their representatives and tell them why it is important for regulatory reform for credit unions."

The summit happened to be held on Johnson's birthday. When Siravo presented her with a birthday cake on behalf of WesCorp, Johnson said before blowing out the candle: "My wish will be for CURIA to pass."

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