The effort to allow credit unions to invest in supplementalcapital gained steam on Monday when The Coalition for Credit Union Access announced eight creditunions have joined as members.

The credit unions joining the organization of federal and statechartered credit unions and state credit union leagues representmore than $12 billion in assets and serve nearly 1.2 millionconsumers, the coalition said in a release.

New members include:

• $1.7 billion Baxter Credit Union of Vernon Hills, Ill.
• $2.1 billion Coastal Federal Credit Union of Raleigh, N.C.
• $1.2 billion Elevations Credit Union of Boulder, Colo.
• $3.1 billion Kinecta Federal Credit Union of Manhattan Beach,Calif.
• $3.2 billion Mountain America Credit Union of West Jordan,Utah
• $143 million Mountain Credit Union of Waynesville, N.C.
• $1 billion Orange County's Credit Union of Santa Ana,Calif.
• $262 million Sooper Credit Union of Arvada, Colo.

Currently pending legislation, H.R. 3993, introduced in Februaryby Reps. Peter King (R-N.Y.) and Brad Sherman (D-Calif.) would allow the NCUA to authorizewell-managed, financially healthy credit unions to receivesupplemental capital.

The Capital Access for Small Businesses and Jobs Act wouldremove the current constraining statutory definition of creditunion net worth, the coalition said.

The bill would also provide regulatory parity, because otherfederally insured depository institutions have access to multiplesources of capital.

“Quite simply, the Capital Access for Small Businesses and JobsAct would effectively increase the ability of credit unions toserve their members,” said Linda Armyn, senior vice president atthe $5 billion Bethpage Federal Credit Union of Bethpage, N.Y.Bethpage already is a member of the coalition. “It's a common-senseapproach that will help stimulate the economy now, when Americaneeds it,” she said.