MONTREAL — NCUA Vice Chairman Rodney E. Hood Praised credit unions for their efforts in stimulating economic growth during a recent address to the Fall Meeting of the Alliance of Credit Unions held in Montreal.

Speaking to the group, which has its roots in IBM-related credit unions but has since expanded its scope, Hood told the credit unions he was proud of their role in the nation's economic growth and providing the means for homeownership and small business creation. "As your regulator, I will do my best to ensure that credit unions continue to provide affordable access to credit and capital," the vice chairman said. He noted that under the current administration, the American economy has grown at a 4.2% annual rate over the first half of this year and productivity has also grown 2.4% over the past four quarters, stimulating GDP growth, higher wages, and greater profits.

"Small businesses create two out of every three new jobs and nearly half of America's overall employment," Hood pointed out. "The Administration is clearly committed to the success of small businesses by lessening the tax burden, allowing workers access to quality and affordable Health Savings Accounts, and fostering a regulatory environment that allows entrepreneurship to thrive. I encourage credit unions to continue providing innovative member business lending products which help entrepreneurs establish viable businesses that create jobs and sustain local communities."