NCUA Board Member Hyland Addresses
Northern Virginia Chapter of Credit Unions
Hyland says expect a ‘deliberative regulator who values open dialogue’
Alexandria, VA, January 13, 2006 – National Credit Union Administration (NCUA) Board Member Gigi Hyland addressed the monthly meeting of the Northern Virginia Chapter of Credit Unions.
“This is my first official in-person speech to a credit union gathering,” said Hyland. “It feels great to meet with you face to face and discuss issues of importance to the credit union system.”
During the event, Board Member Hyland highlighted key local and national issues, including:
- Credit union ratios of total assets, membership growth, average net worth, and share growth;
- Challenges of small and mid-size credit unions;
- Regulatory burdens, including Bank Secrecy Act;
- Credit union conversions to mutual savings banks; and
- Fields of membership.
Board Member Hyland then participated in an open dialogue with attendees on a series of challenges and opportunities which face the credit union system.
While emphasizing her view of the need to serve as a deliberative and effective regulator without creating unnecessary, burdensome regulations, Board Member Hyland encouraged the participants to tell their many good stories on providing needed financial service to all their members.
“These issues present great opportunities for credit unions to have an impact in the future of the credit union system,” stated Hyland. “The regulatory rulemaking process provides credit unions an active role in the lawmaking process and the governing of credit union operations by allowing dialogue and transparency regarding significant issues. Grasp that opportunity and make your voice heard by commenting on NCUA’s proposals.”
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 85 million account holders in all federal credit unions and the majority of state-chartered credit unions.
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