NATIONAL HARBOR, Md. — NCUA Board Member Gigi Hyland used her appearance at NAFCU's Annual Conference to encourage the credit union movement to retool itself to regain its cooperative spirit, while Vice Chairman Rodney Hood bade farewell to the group.
"It's increasingly difficult to convincingly enunciate that the credit union movement is what we once thought it was," Hyland said.
She contended that too many people in the movement act as "individual free agents focusing on their bottom line," and too many credit unions focus on generating fee income at the expense of what's good for their members.
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Her suggestions for improving the movement included more diversity on credit union boards, greater emphasis on developing the next generation of credit union members and leaders, and more education of members on personal finance issues.
Hyland also urged that people "take time to reset the credit union movement."
In what was likely his final public appearance as an NCUA Board member, Hood expressed optimism about the future of the credit union system but urged people in the movement to make themselves stronger by focusing on offering great products and financial education.
He reiterated his support for sound risk management and praised credit unions for making loans when other lenders are not.
Hood thanked NAFCU for its help in persuading Congress to pass the Temporary Corporate Credit Union Stabilization Fund. But while he praised that measure, he warned against excessive regulation.
He said he was able to make more educated decisions on regulations by speaking to credit union professionals and volunteers.
"I appreciate the role you play in helping me learn about what you do," he said.
Hood, whose term expired in April, will leave the board when NCUA Chairman Nominee Deborah Matz is confirmed by the Senate.
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