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Vice Chairman Hood Addresses the Maine Credit Union League’s Senior Managers Forum

September 7, 2007, Alexandria, VA – National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood participated in a Senior Managers Forum in Portland, Maine. Hosted by the Maine Credit Union League, the forum served as an opportunity for a frank discussion about current issues facing the credit union industry.  Prior to the forum, Mr. Hood met with members of the Maine Credit Union League’s Board of Directors.

Hood opened by congratulating those present for the excellent health of Maine’s credit unions, noting that according to NCUA’s most recent data, Maine’s credit unions exceeded the national average in most categories.  Hood also thanked the leadership of the Maine Credit Union League for organizing the forum and specifically acknowledged John Murphy, President of the League, whose dedication and commitment to the credit union mission is an inspiration.  “Credit unions are making a positive impact on the financial industry, but constant advancement does not happen without strong leadership, vision and commitment,” said Mr. Hood.

As industries grow and technology advances, credit unions must be prepared to meet such constant progress.  In order to evolve, communication and collaboration are essential to the success of this ever-changing industry.  “I applaud the collaborative environment that this forum has created,” stated Hood.  The Vice Chairman went on to emphasize the daily impact that credit unions make nationwide through financial education programs, innovative outreach efforts to underserved areas, and small business development, which leaves an indelible mark on the lives of their members and the communities they serve.

In closing, Hood thanked the attendees for giving him the opportunity to speak with them and reiterated his commitment as a regulator; “I am dedicated to listening carefully and working hard to ensure the safety and soundness of the credit union system.  I know that we can work together to continue helping families achieve the American dream of homeownership – that we can assist entrepreneurs in creating small, viable businesses, and we can provide the trusted resources for families to save for their future.”

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.