During my testimony in Congress yesterday, I emphasized the importance of the NCUA being an independent financial regulator, which protects the deposits of credit union members. In order to do so, we must be staffed adequately and have independent control of our budget. I made the point that undermining the ability of this agency to protect the savings that 100 million Americans have trusted to the 6,206 credit unions NCUA insures could end up costing those members if we are hit with another financial crisis. I consider cutting budgets and staff in the current environment, in which we face a multitude of risks, a penny-wise-pound-foolish approach.

My comments have been construed by some as a lack of faith in credit union leadership, which is not at all what I intended, nor what I believe, and for that I apologize. 

I have served two terms on NCUA's Board. I have been an executive vice president and chief operating officer at a credit union. I have a deep belief in the importance of member-owned credit unions offering affordable services to 100 million Americans, and I am dedicated to protecting them and the credit union system.