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News Now

Washington
Hood invites dialogue on CU issues
WASHINGTON (2/26/09)—National Credit Union Administration (NCUA)
National Credit Union Administration Vice Chairman Rodney Hood urges credit unions to continue to make further suggestions to modify the agency's plan to stabilize the corporate credit union system. (Knudsen photo)
Vice Chairman Rodney Hood said even though the agency’s rule to stabilize corporate credit unions is a product of considerable study, the NCUA is open to suggestions on how it can be improved. During a speech before the Credit Union National Association’s (CUNA’s) Governmental Affairs Conference, Hood challenged credit union executives to submit ideas. He said credit unions have a record of success that will produce the kind of expertise vluable in a dialogue on how stability can be achieved in the corporate system. “We have to be bold. Hope is not a strategy, and failure is not an option,” Hood added. He also stressed that there was “no silver bullet” as far as resolving this kind of complicated issue. Hood noted the agency has requested credit union views in Advance Notice of Proposed Rulemaking (ANPR) on the subject of corporate solvency. “I will read those letters personally,” he pledged. “You have a voice, and I want to hear it.” Hood also urged credit unions to continue working on innovative ideas on risk management, and options for aiding members suffering hardships because of the economic down turn. He said credit unions must continue to be an alternative to pay-day lenders. Hood stressed the importance of credit union visits to congressional offices during the Washington conference. “Impress on those you talk to the importance of using the CLF (Central Liquidity Facility) not just for liquidity, but also for capital,” he encouraged. He also urged members visiting Capital Hill to lobby for legislation to give credit unions more authority to make member business loans. “Remember,” he added, “there are 90 million members counting on us.”


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