ALEXANDRIA, Va. — Delivering the keynote address at NACUSO's Business Services Collaborative, NCUA Vice Chairman Rodney Hood gave high marks to credit unions and CUSOs that are making inroads in member business lending.
"I realize that many credit unions do not have the necessary infrastructure to take full advantage of Member Business Lending," Hood told attendees at the Chicago-based meeting. "CUSOs provide a wonderful and proven mechanism to provide Member Business Lending and help credit unions mitigate risks through balance sheet diversification."
In highlighting the importance of member business lending, Hood cited the most recent economic statistics, which state that under President Bush's leadership, 1.7 million jobs have been created over the past 12 months, and more than 6.6 million jobs have been created since August 2003. The American economy has added new jobs for 37 straight months, while the unemployment rate is 4.6%–below the average of each of the past three decades, he said.
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