NCUA Eyes CU Consensus OnCapital

ALEXANDRIA, Va. - (09/17/04) -- NCUA said it will stage a summit atits headquarters next month to discuss possible resolution of thecontroversy surrounding capital issues in the industry. Theannouncement of the meeting comes a week after the GovernmentAccountability Office issued a prominent report concluding there isno pressing need for credit unions to be able to issue alternative,or secondary, capital to supplement their net worth requirements."All issues relating to capital for America's credit union will beon the table," said NCUA Chairman JoAnn Johnson. "Capital is acritical issue affecting all institutions--both natural person andcorporate credit unions. We need to expand the dialogue and bringcredit union officials together as we explore safe and soundopportunities for capital." NCUA invited representatives from allthe major trade groups, including CUNA, NAFCU, NASCUS, Associationof Corporate CUs, and the National Federation of CDCUs, to addressthe summit, to be held October 19th.