WASHINGTON–NCUA Board Member told credit unions at NAFCU’s Congressional Caucus they have a “powerful story” to tell on Capitol Hill, and turned to the words of an early credit union pioneer to offer inspiration.
Hood said that powerful story can be seen in many areas, including numbers from the last quarter that show federally insured credit unions had net income growth of $11.9 billion, an increase of 126.8% over the same period last year. Insured shares and deposits were up $196 billion, 14.2% over last year’s second quarter, to a total of $1.58 trillion, he added.
“We’re also seeing continued strong performance in loan growth, lower delinquency rates, and other key measures.”
Hood praised credit unions for playing a “vital role in limiting the damage from last year’s economic shock,” including working with the Paycheck Protection Program.
“I imagine everyone here can share compelling stories about small enterprises, self-employed individuals, and local employers who were able to keep their doors open thanks to that timely investment,” Hood said. “I encourage you to make a point of letting your elected representatives know about those successes – that’s an important story to tell.”
Current Priorities
Hood said his current priorities on the NCUA board include:
- Ongoing efforts at reform to ensure “our regulatory system is effective without being excessive.”
- Working with Board Vice Chairman Kyle Hauptmann to “streamline the chartering process so we can see new credit unions established where they’re needed most.”
- Working to encourage my fellow regulators and members of Congress to get serious about clarifying the rules for financial services providers to conduct business with marijuana-related businesses. (CUToday.info has additional coverage here).
- Encouraging more “uptake of innovative financial technology solutions by credit unions to help you to keep pace with the changing marketplace and to better meet your members’ needs.”
- “And, as always, doing everything we can to promote great financial inclusion for all Americans,” Hood said.
Stand Up & Advocate
“We need credit unions to stand up and advocate not only for your own institutions, but for the industry as a whole,” Hood said. “If you’re concerned by regulatory proposals out of the NCUA, make your voices heard through the public comment process. If you have an opportunity to meet with members of Congress, as you do this week, let them know what you need to better serve your members’ needs and strengthen your communities.”
Hood closed with a quote from CU pioneer Roy Bergengren: “The credit union of the future will be limited only by its vision. With courageous leadership, imaginative leadership not afraid of precedent, we shall open up new avenues of cooperative effort which must lead inevitably to the brotherhood of free men.”
“Vision, courageous leadership, cooperative effort – I can’t think of a better summation of the principles that serve as the foundation of the credit union mission of people helping people,” Hood said.