SAN DIEGO – NCUA is considering ways to automate its data collection initiative by using call reports and existing credit union software, thus reducing the burden on credit unions asked to provide statistics, said NCUA Vice Chairman Rodney Hood as he addressed California credit union leaders during a two-day, five-stop swing through the state.
Hood made the remarks as the featured speaker at a luncheon hosted by $930 million California Coast Credit Union in San Diego, which was attended by approximately 50 Southern California credit union leaders Monday, May 22.
"About 40% of credit unions have sent in data, and it's showing quantitatively that credit unions are, indeed, serving their communities," Hood said of the data collection effort.
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Hood also weighed in on conversions, saying credit unions have the right to convert if they wish, but as a regulator, it's his job to ensure members receive proper disclosure information so they are able to make an informed decision.
"I hear a lot about how the decision to convert is all about greed. Well, I can't regulate greed, I can only regulate disclosures and consumer protection," he said, drawing chuckles from the crowd.
Addressing another hot industry topic, Hood said he has scheduled an appointment with Treasury Department Secretary John W. Snow to discuss the need for a risk-based capital structure for credit unions.
"Risk is to be managed, not avoided," Hood said, saying that he is pushing first for risk-based status for corporates, because they will provide "traction" to gain approval for the rest of the industry.
While in California, Hood met with Deputy Commissioner of Credit Unions Elizabeth Dooley to discuss support for business lending in the credit union industry. Hood's Golden State tour also included appearances at the NAFCU volunteers conference, WesCorp's annual meeting, and a visit to El Cajon-based Inland Federal Credit Union. -
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