WASHINGTON -- During an address last week to the National Policy Meeting of the Hispanic Alliance for Progress Institute, NCUA Vice Chairman Rodney E. Hood touted mainstream financial services providers over predatory lenders.
"Most recent data shows that predatory lending outlets have grown faster than other legitimate, mainstream lenders," Hood warned. "President Bush said it best when he said that the measure of true compassion is more than good intentions, it is about results. Credit unions are indeed producing results to help people enter the financial mainstream." He differentiated between "fringe" and "mainstream" financial services providers.
Hood applauded the alliance for hosting a meeting that addressed the "economic issues that will empower the Hispanic Community with the resources needed to participate in the financial mainstream." He encouraged the leaders to communicate with their state and federal officials on the need to enhance the mainstream financial services system to protect society's most vulnerable consumers.
The policy meeting, titled, "Promoting the 21st Century Hispanic Agenda", focused upon critical regulatory and public policy impacting Hispanic communities. It featured officials from the private and public sector, including the U.S. Treasurer and representatives from the White House, Office of the Comptroller of the Currency, and the FDIC.
The week before, Vice Chairman Hood was at the American Enterprise Institute for Public Policy Research as part of a panel addressing key challenges and trends for credit unions, including their role in the broader financial systems, member ownership, and conversion issues. Alex J. Pollock from AEI moderated the panel, which included former Comptroller of the Currency John D. Hawke, Arnold and Porter, LLP; Peter F. Duffy, Sandler O'Neil & Partners, LP; conversion consultant Alan D. Theriault, president of Credit Union Financial Services; and Dollar Associates, LLC's Kirk Cuevas, former NCUA chief of staff to then Chairman Dennis Dollar.