MONTEREY, Calif.–NCUA Chairman Rodney Hood told credit unions gathered here that he and the agency are focused on the core credit union value of “people helping people,” as he again also urged CUs to expand their efforts on financial inclusion.
“It’s a guiding value for people who work in the credit union industry,” Hood said. “In my role as regulator, I keep the focus on that core value statement, because it can guide our decision-making at the federal level. The question I ask is, What can we do in Washington to help you serve your members better, improve your product lines, make a difference in the lives of your people and your communities?”
Actions Taken by Agency
According to Hood, actions taken by NCUA in support of that purpose include:
- Giving credit unions greater flexibility in liquidity management by increasing the limit on public unit and non-member shares
- Increasing the threshold on appraisal requirements for commercial property from $250,000 to $1 million
- Issuing interim guidance on doing business with the legal hemp industry, the first federal financial regulator to do so
- Proposing to delay the risk-based capital rule for two years
- Adopting the Payday Alternative Loans II rule, which he said responds to “market needs”
- Encouraging expanded employment opportunities for people convicted of minor crimes who have paid their debt to society and who seek a new path forward.
A Down Payment
“I want you to consider those efforts as a down payment,” Hood told the meeting inside the Portola Hotel. “We want this industry to be successful at steering through those changes so you can create more opportunity for your members and for your institutions, while also ensuring the safety and soundness of this industry in the future.”
Hood said NCUA is working to provide credit unions with the “tools” they need to “serve their members better.”
As he has said at other meetings, Hood again stressed his emphasis on “financial inclusion,” including the agency’s upcoming Diversity, Equity, and Inclusion Summitin Washington (CUToday.info will have coverage).
A Top Priority
“Diversity and inclusion in the credit union industry remains one of our top priorities,” he said. “I truly believe that financial inclusion is the civil rights issue of our time. Given the profound demographic changes and social challenges we’re seeing in America, those principles are only going to grow in importance.
“Whether it’s the challenges faced by African-American, Latino, or Native American working families; the access challenges that military veterans or disabled Americans experience; or the lack of access to capital that’s putting stress on communities in rural America; we need to do a better job of meeting those needs,” Hood continued.
Hood urged credit unions to keep their focus on people helping people by improving financial accessibility.
“If we do that together, we can make a real difference in people’s lives,” Hood said.