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Vice Chairman Hood Participates in Roundtable Meeting in New York City

June 26, 2006, Alexandria, VA- National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood traveled to New York City on Saturday for the 20th Annual Meeting of Lower East Side Federal Credit Union where he participated in a roundtable meeting with officials from community based credit unions which are dedicated to reaching the underserved.

"I congratulate Lower East Side Federal Credit Union on their 20th Anniversary and commend them for hosting this roundtable meeting," said Vice Chairman Hood. "As a regulator, I always look forward to meeting face to face with those who truly embrace the cooperative spirit upon which the credit union system was founded. You all are making a difference in the lives and communities of your members. This roundtable meeting provided a practical forum for community based credit unions to discuss how to best serve their members and allowed us to discuss how NCUA can best serve them as their regulator."

Joining in the roundtable meeting were officials from Bethex FCU; Brooklyn Cooperative FCU; Entertainment Industries FCU; Municipal Credit Union; Union Settlement FCU; Transfiguration Parish FCU; Lower East Side FCU. The discussion also highlighted partnership opportunities for small and large credit unions to reach the underserved and promote the economic development of low income communities.

The Annual Meeting commemorated the 20th anniversary of Lower East Side Federal Credit Union which serves primarily low- and moderate-income people on New York City's Lower East Side.

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.