Effective regulations, strong work by volunteers and extensive outreach efforts are the keys to the future success of credit unions, NCUA Board Chair Debbie Matz said in an address Monday at a meeting of the CUNA Volunteer Institute in St. Thomas, Virgin Islands.
She noted that the agency's strong regulations had saved the NCUSIF millions of dollars and that it takes a "tough love,'' approach.
"In a very real way, the toughness is driven by the love,'' she said.
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Matz also noted the agency's efforts to codify some of the financial education requirements for credit union board members.
She added that "responsiveness to regulation is not enough to keep credit unions strong. There must also be responsiveness to credit union members and communities at large. That's why strong credit unions need informed, engaged and effective volunteer leadership.''
Matz said that the agency's recently approved rules requiring financial literacy for board members would help achieve this but wouldn't add excessively to the regulatory burden of credit unions.
She also said that to survive in the future, credit unions need to do more to reach out to young people, who may not be aware of the industry. She urged attendees to have their credit union make better use of technology in this area.
"If you can take your traditional stability and member service and marry it with today's cutting-edge technology, then you'll have unlimited potential for a more prosperous tomorrow,'' she said.
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