Statement of NCUA Chairman JoAnn Johnson
Regarding Introduction
of the Credit Union Regulatory Improvement Act
Washington, DC, May 12, 2005 – National Credit Union Administration (NCUA) Chairman JoAnn Johnson issued the following statement today regarding the introduction of the Credit Union Regulatory Improvement Act (H.R. 2317):
"The Credit Union Regulatory Improvement Act legislation introduced today by lead sponsors Representative Ed Royce and Representative Paul Kanjorski is a significant step toward modernizing credit union regulation in an ever changing and dynamic financial marketplace, as well as meaningful improvements to America's credit unions’ capital structure.
I am pleased that NCUA's proposal for risk-based capital and reform for prompt corrective action, which is designed to strengthen safety and soundness, is an integral component in this legislation. A risk-based capital structure is the most comprehensive approach to improving the system for credit unions and is consistent with the standards established for FDIC-insured institutions.
Furthermore, CURIA would facilitate greater access to affordable financial services in many underserved communities across the country. The bill would enhance credit union regulation as it relates to facilitating access to capital and credit for small businesses.
We value the congressional support for this legislation and look forward to working closely with Congress to help bring this important legislation to fruition."
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