ALEXANDRIA, Va. - (10/25/04) -- NCUA Chairman JoAnn Johnson saidFriday she decided after last week's 'Summit' on capital to move toexpand the agency's Reg-Flex program, which eases regulations onthe healthiest credit unions, to credit unions with net worthratios down as low as the 7% standard defined as well-capitalizedcredit unions under the agency's prompt corrective action rule.Currently only credit unions with 9% net worth or greater areallowed to participate in the program. "If we agree that 7%leverage is an unnecessarily high ratio for 'well capitalized'status under a system of risk-based prompt corrective action, thenwe should set the bar even higher for Reg-Flex," said Johnson.Johnson also said she will pursue a risk-based capital system forcorporate credit unions, and to ease capital restrictions onwell-run low-income credit unions. Johnson said these changes canbe pursued by the NCUA Board while they work to convince Congressto enact a risk-based capital system for credit unions, which NCUAhas been lobbying Congress to do.
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