Hood: Open Lines of Communications with Other Regulators on CUs and Business Services

ALEXANDRIA, Va. - NCUA Vice Chairman Rodney Hood recently said he's willing and able to do what is necessary to be sure credit unions have the support they need to have vital business service programs. Hood spoke with members of CUNA's Business/SEG Services Task Force, at a meeting held in conjunction with CUNA's Governmental Affairs Conference. "My goal is to help credit unions provide members with the vital business services they need and are unable to find elsewhere," Hood told task force members, adding that he will create an ongoing dialogue with the various other financial regulatory agencies to make sure that there is open and consistent communication between them and credit unions regarding business services. Hood said he supports the work of credit union small business services professionals and recognizes the need for regulatory relief for credit union business services providers. "It was encouraging to hear vice chairman Hood's strong support for credit unions serving small businesses," said Grace Mayo, CUNA Business/SEG Services Task Force chairperson and president/CEO of Telesis Community Credit Union. "He has a fundamental understanding not only of the mechanics of offering business services, but the great need among our membership for these services. Our task force looks forward to future discussions with him on this important area of credit union service." Appointed to the NCUA Board late last year, Hood brought with him not only government service experience earned at the Department of Agriculture, but also experience with mortgage and small business lending acquired at a bank located in his native North Carolina. During CUNA's GAC, the Business/SEG Services Task Force met to discuss various issues facing credit union member service providers including regulatory service restrictions; lending cap waiver denials; and "inconsistent" regulatory examination standards.