NCUA Media Advisory

Hood Discusses Credit Union Issues in Boston

June 11, 2009, Alexandria, VA - National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood met with both Harvard University Employees Credit Union (HUECU) and Winthrop Federal Credit Union during his recent trip to Boston, Mass.  While in the area, Hood also took the time to discuss credit union issues with Susan Elliott, President of the Federal Home Loan Bank of Boston, and Eric Rosengren, President/CEO of the Federal Reserve Bank of Boston.

During his visit to HUECU, the Vice Chairman learned about the fantastic new program that was recently launched – the Custom Loan Program for Harvard University Graduate Students.  This plan was designed to provide financial assistance to students at all of Harvard’s 13 graduate schools and is available to both domestic and international students.  The Custom Loan Program is unique in that it couples highly competitive loan terms with flexible repayment options, making it both attractive and practical for students at the graduate level.

“I am delighted to see HUECU recognize their unique capabilities, particularly during this climate of economic unrest, and leverage their recourses for servicing the underserved to provide an opportunity for higher education to those in need.  This is a wonderful example of the credit union mission of ‘People Helping People’ and I applaud their initiative,” said Hood.

 
During his visit to Winthrop Federal Credit Union the Vice Chairman had the opportunity to discuss the importance of servicing low-income individuals living in underserved areas.  As a strong advocate of financial literacy, Hood stressed the importance of making financial products affordable while maintaining the component of financial education and asset building. 

Joe Clark, CEO, Winthrop FCU; and
 Rodney Hood, Vice Chairman, NCUA

“I am passionate about economic empowerment for all Americans and for all communities, and I feel that it is especially important to teach underserved consumers how to differentiate mainstream from fringe lenders – this to me serves as both education and protection.  Seeing firsthand how Winthrop FCU takes responsibility for the financial education of their members is both impressive and inspiring,” said Mr. Hood.

The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, also operates and manages the National Credit Union Share Insurance Fund (NCUSIF), insuring the deposits of over 89 million account holders in all federal credit unions and the majority of state-chartered credit unions

 

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