ALEXANDRIA, Va. — On his way to address the Defense Credit Union Council in Italy, NCUA Vice Chairman Rodney Hood stopped over in England to meet with British credit union and government officials to compare best practices.

Hood, accompanied by Maryland & D.C. Credit Union Association CEO Mike Beall, began his series of meetings with an overview of the British credit union system by Roger Marshall of the Financial Services Authority, which is the credit union regulator there. Marshall outlined his agencies' principles-based examination philosophy. "I plan to study their principles-based approach more closely; I believe that there are some real practical advantages that warrant further analysis," Hood commented.

Hood also met with Dame Pauline Green, chief executive of Co-operatives UK and president of the International Co-operative Alliance Europe, who outlined the British co-operative system's initiative to develop a unified Third Sector, representing non-profit and the volunteer sector of the British economy. Dame Pauline also briefed Hood on a corporate governance project that it has developed in conjunction with the Association of British Credit Unions Limited.