ALEXANDRIA, Va. — NCUA Vice Chairman Rodney Hood spoke at the Hispanic Alliance for Progress Institute's recent conference on the state of consumer finance and solutions to predatory lending.
"I appreciate the collaborative environment that HAPI has created here. They had the foresight to bring together representatives from a broad spectrum of financial services providers and fostered an environment where people set aside differences in order to promote full economic participation, prosperity, and entrepreneurship," Hood said.
He continued, "Credit unions play a pivotal role in providing hardworking people with the affordable financial products they need to achieve the American dream of homeownership; the products to create small, viable businesses; and the products to send children to college and save for their family's future."
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Hood explained how credit unions are working to provide low-cost alternatives to fringe lenders, including payday lenders. He also touted financial education as a key tool, as well as NeighborWorks America's new Foreclosure Prevention program.
"I believe credit unions are a model for financial institutions in offering innovative and beneficial alternatives to predatory lending," he said.
Following his address, Hood met with Texas Attorney General Greg Abbott and Leslie Pettijohn, the Texas Consumer Credit Commissioner.
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