NCUA Chairman Rodney Hood was at the Indiana Credit Union League office Monday to visit with several members of the League board of directors, members of its Governmental Affairs Committee and senior management.
Hood, who also spoke to the National Urban League Conference in Indianapolis about credit union small business lending while he was in town, commented that he appreciated the chance to hear directly from credit union leaders who are serving their members every day.
He talked to the group about his top priorities like regulatory relief, support for member business lending, cybersecurity, facilitating innovation within the agency and in credit unions, providing current expected credit loss (CECL) guidance and assistance, helping credit unions serve the underserved and continuing strong credit union capital adequacy through a more holistic approach to capital requirements.
“It was a pleasure to host Chairman Hood and to provide a dialogue between him and Indiana credit unions,” said League President John McKenzie. “We appreciate his emphasis on making regulations effective without being excessive and we support NCUA’s recent action to delay its risk-based capital rule as well as its proposed rule on public unit and non-member shares.”
Hood told the group that he appreciates the need to balance the NCUA’s role of ensuring credit unions are operating in a safe and sound manner with the opportunities to provide credit unions with a regulatory environment that encourages growth and enhances their ability to serve all of their members, including those who are underserved by the rest of the financial services marketplace.
He commented that credit unions can play a critical role in providing fuel for economic development through small business lending and can effectively serve the underserved through innovations in technology and product development.
The dialogue offered credit union representatives the chance to talk with Hood about several topics, including the need for simplifying Bank Secrecy Act/Anti-Money Laundering laws and regulations, the nature of the relationship between NCUA and the Consumer Financial Protection Bureau, the importance of NCUA’s efforts surrounding low-income credit union designations and other issues on their minds.