NCUA Board Member Hyland Visits
Hurricane-affected Credit Unions in New Orleans
April 17, 2006, Alexandria, Virginia– National Credit Union Administration (NCUA) Board Member Gigi Hyland recently toured the hurricane ravaged Lower 9th Ward, St. Bernard and Orleans Parishes, as well as neighborhoods near the 17th Street levee breach in New Orleans.
“You can’t fathom the needs of the communities until you see it with your own eyes. The pictures on the news reports don’t even come close. Neighborhood after neighborhood, mile after mile, all you see are empty, gutted houses and businesses devoid of life and human activity,” noted Hyland.
During a luncheon organized by the Louisiana Credit Union League President and CEO Ann Cochran, Board Member Hyland met with credit union officials and staff affected by the devastation of Hurricanes Katrina and Rita. She had an opportunity to commend them for their dedication and service, and also discussed operational and regulatory hurdles which may impede recovery efforts.
“It was reassuring to receive confirmation from credit unions that NCUA staff did an admirable job responding quickly and efficiently to this crisis,” stated Hyland. “However, after seeing the destruction, it is very clear to me that there are still significant challenges and issues. I will share with my fellow board members my impressions and concerns in an effort to assure continued agency attention to rebuilding affected credit unions in New Orleans and across the Gulf Coast.”
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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