CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » Hauptman, Hood talk NCUA actions, financial wellness efforts
GAC23 Tuesday

Hauptman, Hood talk NCUA actions, financial wellness efforts

‘We need a regulatory system that is effective without being excessive.’

February 28, 2023
Alex McVeigh
No Comments
Kyle Hauptmann
NCUA Vice Chairman Kyle Hauptman discusses regulations and financial wellness efforts Tuesday at CUNA GAC in Washington, D.C. (Photo by EPNAC.com)

NCUA Vice Chairman Kyle Hauptman and board member Rodney Hood shared updates from the agency, their regulatory philosophies, and more Tuesday at the CUNA Governmental Affairs Conference in Washington, D.C.

“I can say that both the credit union system, and your NCUA insurance, are in pretty good shape,” Hauptman said. “NCUA’s insurance fund is at 1.30% of insured assets, having recovered from the dip caused by pandemic stimulus. Plus, the fund is entirely invested in US Treasury bonds, which tend to increase in value during economic downturns.”

He also praised credit unions for their financial wellness efforts and encouraged them to find new ways to do more.

“Our society isn’t the best at getting people to save and invest. This is where credit unions come in, with financial literacy and savings programs that improve their members’ financial wellness,” he said. “My description of financial wellness is that it’s a phenomenal product that is available for purchase on the open market via saving and investing.

“As you all know, financial wellness isn’t just about a retirement that may be decades away. It’s peace of mind, that makes every day better. It’s knowing you can lose a job and not lose your home,” he added. “It’s being able to leave a job you hate and pursue one you love. Financial wellness can save relationships. Financial wellness is a great product that we only buy if we value it more than all the cool ways to spend money.”

He said his priorities on the board are: Revamping the de novo chartering process; modernizing agency transparency and feedback; and harnessing the power of blockchain technology and digital assets.

“On the issue of de novos, we’ve revamped and streamlined the chartering process,” he said. “We will be rolling out a provisional credit union charter that fixes the chicken and egg problem, whereby a potential credit union wants to get its initial capital from a CDFI but can’t get that capital until we’ve issued them a charter. Still, we wouldn’t issue the charter until that credit union has the capital. I’m proud of these improvements – I think it’s a part of facilitating true financial inclusion.”

Hood told attendees that the agency was preparing to announce a refund from the Share Insurance Fund that, “should be in the neighborhood of $281 million to 2,900 credit unions.”

Hood also—having served on the NCUA Board during the financial crisis of 2008—advised the movement, “don’t be alarmed but be alert and be prepared,” going into a year many have forecast as a rough economic year.

He also shared his regulatory philosophy with credit unions.

“I’ve always said we need a regulatory system that is effective without being excessive, and I believe the purpose of regulation is not to hinder credit unions — the purpose is to empower credit unions so your institutions can provide the highest level of service to your members and your communities,” he said.

He listed numerous examples he’s heard firsthand during his travels of the credit union difference, and said they illustrate why the movement “remains a vibrant, innovative part of the financial services ecosystem.”

“The ethos of ‘people helping people’ remains as compelling today as it was a century ago when the cooperative finance movement really started picking up momentum,” he added. “Your mission is to keep that momentum going and to carry the values of the credit union movement forward for future generations.”

►Visit CUNA News for more conference coverage. Get live updates on Twitter via @CUNA_News, @cumagazine, @cuna, and #CUNAGAC. Follow the conference on Facebook and Instagram and visit cuna.org/gac for more information.

KEYWORDS CUNA GAC education NCUA policy regulation

Post a comment to this article

Report Abusive Comment

Credit Union Magazine: Spring 2023

Spring 2023

Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.
Digital Edition •  Subscribe

Trending

  • CUNA Mascot Madness: Voting opens for East Region

  • Mascot Madness: East winner crowned; Midwest voting opens

  • League leaders highlight credit union difference, safety, soundness

Tweets by CUNA_News

Polls

CUNA Mascot Madness: Which West Region mascot is your favorite?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us