ALEXANDRIA, Va. — In an address before the 2007 Michigan Credit Union League Annual Convention and Exposition, NCUA Vice Chairman Rodney Hood stressed the importance of meetings like this one to keep credit union leaders at the top of their game.
In general, nearly every industry today has many of the same challenges like data security and succession planning. In addition, credit unions specifically need to adjust to the changing financial services market place, including issues such as member business lending, homeownership, and stagnant growth.
Hood also emphasized the importance of financial literacy as a fundamental starting point to making a difference in the lives of all credit union members, particularly the underserved. "Americans will never reach the financial mainstream unless they are aware of the services available which will empower them to do so," he said.
Hood concluded, "I am committed to listening carefully and working hard to ensure the safety and soundness of the credit union system. I know that we can work together to continue helping families achieve the American dream of homeownership–that we can assist entrepreneurs in creating small, viable businesses, and we can provide the trusted resources for families to save for their future."
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Michigan State Representative Andy Coulouris, chair of the House Banking and Financial Services Committee, joined the vice chairman on stage. Prior to speaking, Hood also participated in a roundtable discussion with league representatives and local credit union executives.
Hood joined Pennsylvania CUs May 19 in "Celebrating the Differences."
"Credit unions are making a positive impact on the financial industry, but constant advancement does not happen without strong leadership, vision and commitment," Hood said during an address of the 2007 PCUA Annual Convention and Exposition. "Celebrating the Differences" was the theme.
The Vice Chairman noted the daily impact that credit unions make nationwide through financial education programs, innovative outreach efforts to underserved areas, and small business development. All of which is exactly why, Hood asserted, "the tax exempt status of credit unions should remain in tact so that America's underserved consumers can have continued access to the tools they need to open doors…Taxing credit unions would have unintended consequences on the communities that have come to rely upon them as alternatives to predatory lenders."
In closing, Hood stated, "I am dedicated to listening carefully and working hard to ensure the safety and soundness of the credit union system. I know that we can work together to continue helping families achieve the American dream of homeownership — that we can assist entrepreneurs in creating small, viable businesses, and we can provide the trusted resources for families to save for their future."
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