NCUA Board Member Hyland Highlights
Uniqueness of Credit Unions
Hartford, CT, January 26, 2006 – In her first address to a state league meeting, National Credit Union Administration (NCUA) Board Member Gigi Hyland commended attendees of the Connecticut Credit Union Association’s Governmental Affairs Conference for their advocacy efforts.
“There is nothing more important than advocacy at both the regulatory and legislative levels,” said Board Member Hyland. “It is crucial to make your voices heard and to emphasize your uniqueness in the financial services arena. The future of the credit union system is in your hands.”
Board Member Hyland discussed the importance of credit unions in validating their service to all members.
“The window of opportunity is open, for a time, for credit unions to define themselves and dictate the argument, not bankers nor Capitol Hill.”
In response to a question on her view of the dual chartering system, Board Member Hyland emphasized, “I am a firm supporter of the dual chartering system and believe that credit unions must have the freedom to choose the charter most beneficial to them.”
“As a regulator, I will take into account all comment letters received on proposed rules and assess them in making my decision. I will seek as much input as I can from credit unions while balancing a regulator’s main obligation to preserve credit unions’ safety and soundness.”
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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