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National Credit Union
Administration 1775 Duke Street Alexandria, VA 22314-3428 Phone: (703) 518-6330 Web Address: http://www.ncua.gov/ |
FOR IMMEDIATE RELEASE |
Board Member Hyland speaks at the Credit Union National Association’s 2008 Governmental Affairs ConferenceMarch 4, 2008 Alexandria, Va - Board Member Hyland spoke at the Credit Union National Association’s 2008 Governmental Affairs Conference at the Washington Convention Center in Washington, D.C. Board Member Hyland, Chair of NCUA Outreach Task Force, spoke on NCUA’s Outreach Task Force Report, which was released on February 26, 2008. She spoke on the process that the Task Force went through to develop the recommendations as well as the recommendations themselves. The process included a combination of extensive collection of internal NCUA information and external input through a series of six Task Force Town Hall meetings covering a wide geographic area of the United States; Cincinnati, OH; Boston, MA; New Orleans, LA; Los Angeles, CA ; Denver, CO; and Washington, D.C. Board Member Hyland spoke of the valuable role these public Town Hall meetings served in assisting the Task Force devise its recommendations, especially in the areas of data collection senior executive compensation. Board Member Hyland noted the 12 Task Force recommendations to the NCUA Board dealt with four areas: membership profile and financial service; senior executive compensation; low income definition; and NCUA outreach. Board Member Hyland noted that these recommendations represent sound public policy that carefully balances the external comments inherent in all of these issues and helps prevent excessive regulatory burdens. Specifically, she spoke on the following Task Force proposals: Data Collection
Collection of Senior Executive Compensation Information
Standards for Qualifying Credit Union as Low Income
Outreach
“The Task Force report reflects the continued belief and congressional reaffirmation that federal credit unions have a distinct role in the U.S. economy and they have a continuing obligation to meet the financial services needs of all their members, especially people of modest means,” said Board Member Hyland. “If you believe in credit unions, you have to believe in the members,” added Hyland. The complete text of Board Member Hyland’s speech is available online at http://www.ncua.gov/news/speeches/speechesHyland.htm. In addition, the complete text of the Outreach Task Force Report is available online at http://www.ncua.gov/ReportsAndPlans/index.htm. The National Credit Union Administration 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 86 million account holders in all federal credit unions and the majority of state-chartered credit unions. NCUA is funded by credit unions, not federal tax dollars. |