NASHVILLE, Tenn. -- NCUA Board Member Gigi Hyland spoke to members of the American Credit Union Mortgage Association here today on a range of topics facing the industry, including the ongoing mortgage crisis and credit crunch.

She gave her assurance that the NCUSIF "is safe and well capitalized and can withstand a great deal of stress," even allowing for greater reserves having been set aside for losses from several credit unions that were conserved because of real estate losses.

She acknowledged that those CUs were state chartered, but said that a similar circumstance was equally possible for federally chartered credit unions. Hyland added that the NCUA's relationship with state examination agencies was good and that dialog was continuing to seek ways to mitigate losses. But she also said that state agencies were facing difficult budget problems which might necessitate having fewer examiners available to conduct exams.