Vice Chairman Hood Highlights Role of Credit Unions in Economy and Democracy
at American Enterprise Institute Conference
November 30, 2006, Alexandria, VA- National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood served as a panelist at a conference hosted by the American Enterprise Institute for Public Policy Research. The conference, titled “Credit Unions in the Broader Financial System,” addressed key challenges and trends regarding credit unions, including:
- how credit unions relate to the broader financial system;
- the meaning of “ownership of a mutual by the members;” and
- conversion issues.
The panel was moderated by Alex J. Pollock from AEI. Vice Chairman Hood was joined on the panel by: John D. Hawke, Arnold and Porter, LLP; Peter F. Duffy, Sandler O’Neil & Partners, LP; Alan D. Theriault, President, Credit Union Financial Services; and J. Kirk Cuevas, Dollar Associates, LLC.
“I appreciate AEI for providing a forum to discuss the vital role America’s credit unions play in today’s dynamic financial marketplace,” said Vice Chairman Hood. “I was very proud to discuss how credit unions share AEI’s values of strengthening the principles and institutions of American freedom and democratic capitalism. I believe that America’s Financial Institutions should operate in an environment which recognizes that regulations should be effective, and not excessive. Our mission is to encourage the ingenuity and innovation of America’s credit unions as they are often an integral part of American families. A competitive marketplace is the best marketplace.”
During the panel discussion, Vice Chairman Hood highlighted the important role of credit unions in strengthening the economy by offering hard working Americans a unique resource for achieving the American dream and fulfilling the President’s “ownership society” while citing recent economic statistics which demonstrate strong growth in homeownership and small business development, and praised credit unions for their contributions in these areas. Hood also stated the importance of his role as a regulator to protect consumers within the credit union system.
“At NCUA, it is my goal to empower credit unions with the regulatory flexibility they need to generate results that help both their members and their local communities prosper by fulfilling the President’s vision of an ownership society,” said Mr. Hood. As a regulator, I am dedicated to helping over 85 million consumers have access to affordable financial services and products which are vital to achieve the dream of homeownership; creating viable businesses; and saving for their family’s future. I strive to create policies with predictability, transparency, and longevity, which are conducive to capital formation and economic empowerment while fulfilling the vital role of protecting our consumers.”
The National Credit Union Administration is the independent federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund (NCUSIF), insuring the savings of nearly 85 million account holders in all federal credit unions and many state-chartered credit unions. NCUA operations are funded by credit unions, not tax dollars.
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