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News Now

Washington
Hood says its prime time to show CU difference
WASHINGTON (3/5/07)—National Credit Union Administration (NCUA) Vice Chairman Rodney Hood Tuesday said the time is ripe for credit unions to demonstrate how different they are from other financial services providers. “Credit unions were not part of the subprime mortgage debacle, I’m proud to report,” Hood said during the general session of the Credit Union National Association’s Governmental Affairs Conference held here. “You’ve placed the needs of members above exotic mortgages,” Hood said, encouraging credit unions to make capital available and affordable “to those who need it most, when they need it most.” Hood also said all credit unions, regardless of size, must adopt enterprise risk management to enhance their balance sheets and remain viable. He announced that the NCUA will host an enterprise risk management summit Aug. 7 in Chicago for smaller credit unions. The NCUA vice chairman also pledged to work the rest of his term to clarify and simplify field of membership (FOM) provisions, declaring that the agency shouldn’t shy away from FOM extensions for community credit unions and underserved areas. In this economic environment, “the risks and challenges are many,” Hood concluded. “So are the opportunities."


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