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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 |
Hyland Transmits Outreach Task Force Report to NCUA BoardFebruary 26, 2008, Alexandria, VA – National Credit Union Administration Board Member Gigi Hyland today formally presented the Outreach Task Force Report to the NCUA Board. “The report identifies serious, specific recommendations to help federal credit unions serve consumers across all parts of their fields of membership, consistent with the purpose set forth in the preamble to the Federal Credit Union Act,” said Board Member Hyland, who was appointed Chair of the Outreach Task Force in 2006. The Outreach Task Force was created by NCUA Chairman JoAnn Johnson subsequent to receiving the 2006 Member Service Assessment Pilot Program (MSAP) Report, which was the NCUA response to questions raised by Congress and the Government Accountability Office regarding federal credit union fulfillment of their mission and purpose. The MSAP Report concluded that federal credit unions are succeeding in serving those they are chartered to serve, but given greater scope and opportunity, federal credit unions can improve the availability of financial services to low and moderate income consumers and those living in underserved areas. The Outreach Task Force’s mission was threefold:
The process involved an extensive review of NCUA policies and procedures in four areas: collection of membership profile and financial services data; senior executive compensation; low-income definition; and outreach. In addition, the Outreach Task Force heard a variety of viewpoints through its six public Town Hall meetings held in Cincinnati, OH, Boston, MA, New Orleans, LA, Los Angeles, CA, Denver, CO, and Washington, DC from April through October 2007. Board Member Hyland also held dozens of other meetings to discuss the Task Force's efforts during her numerous visits around the country. “I am grateful to those who attended the Town Hall meetings and contributed to the frank and practical discussion regarding issues most significant to credit union members. The Task Force considered their insights invaluable while constructing this report,” stated Board Member Hyland. The Outreach Task Force provided to the NCUA board the following twelve recommendations: Membership Profile and Financial Services
Senior Executive Officer Compensation
Low-Income Definition
Outreach
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, operates and manages the National Credit Union Share Insurance Fund, insuring the accounts of over 85 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. |