NCUA Press Release

NCUA Board Member Hyland Addresses AACUL

Naples, FL, January 20, 2006 – Speaking to over 100 league presidents, league chairmen and government affairs professionals, National Credit Union Administration (NCUA) Board Member Gigi Hyland addressed the winter meeting of the American Association of Credit Union Leagues (AACUL).

In her introductory comments Hyland spoke of the challenges facing the credit union system.  “It is no surprise to this distinguished and well-informed group that there are several important key issues facing the credit union system,” said Hyland. “Most of my remarks today are meant to reassure you that I will approach each issue in a deliberative, thoughtful way.”

During her remarks, Board Member Hyland highlighted key national issues, including:

• Role of a regulator;
• Recent proposed changes to NCUA’s chartering manual;
• Validation of credit unions’ efforts to serve all segments of their fields of membership; and
• Credit union conversions to mutual savings banks.

In response to a series of questions regarding credit union conversions, Board Member Hyland commended AACUL for issuing its report “Protecting the Rights of Credit Union Members” last August. 

“The depth of the report and the recommendations it contains will serve as fodder for this board member to consider as the agency addresses possible changes to its conversion regulation.”

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 continue to confirm credit union’s efforts to provide needed financial service to all segments of their charters.

“Leagues will continue to play a vital role in the advocacy of credit union interests. I urge you to continue to strive to assure credit unions’ future as a vital and vibrant component of the financial services sector.”

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.