LAS VEGAS — NCUA Vice Chairman Rodney Hood reiterated one of his missions of keeping the balance between safety and soundness while allowing credit unions and CUSOs to serve members without "arduous, burdensome" regulations.
During a keynote session during NACUSO's annual conference this week, Hood praised CUSOs for the strides they have made.
"Many credit unions don't have the infrastructure to meet some of the needs of their members and this is where partnerships with CUSOs demonstrate the power of collaboration."
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Hood said there are a number of priorities he continues to advocate from credit unions further promoting member business lending and CUSOs providing compliance partnerships to smaller credit unions, to coming up with protections to prevent data breaches. The vice chairman said he is also a strong proponent of enterprise risk management especially in the areas of business continuity and disaster recovery. Hood said the issue of data security breaches is such a priority to him that he recently met with the Secret Service for feedback on different strategies.
Hood also called on CUSOs to fill in the gap on member services, citing a recent survey that indicated a customer or member is least likely to leave their financial institution if they have at least eight products there.
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