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Washington
Hood CUs are healthy can help
ALEXANDRIA, Va. 10/10/08)—Credit unions can move forward with “confidence in the financial health, transparency, and integrity of the credit union system” to be part of the solution to the unprecedented challenges in today’s financial marketplace, said National Credit Union Administration (NCUA) Vice Chairman Rodney Hood recently. “I am calling on credit unions to be a part of the solution. Being part of the solution requires confidence from your member owners, your management teams, and from your boards,” Hood said during remarks to the CU Credit Association of New York’s annual meeting in Niagara Falls. Hood noted strategic steps NCUA is taking to preserve confidence in the nation’s credit union system. They include:
* An NCUA advertising campaign assuring credit union members that their shares are federally insured. The NCUA also has established a call center devoted to fielding questions about share insurance; * Working for credit union inclusion in the recently enacted Emergency Economic Stabilization Act; and * Attention to proactive risk management through a new risk-focused examination.
Regarding examinations, Hood said the NCUA has eliminated the camel matrix and has developed a new exam which focuses on seven areas of risk; credit, interest rate, liquidity, strategic, transaction, compliance, and reputation. “The overall goal of the Risk Focused Exam is not to play ‘gotcha’, but rather, it is designed to be a collaborative and consultative process,” said Hood.


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