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Vice Chairman Hood reaches out to Kentucky, Colorado, and Kansas State Regulator

May 15, 2006, Alexandria, VA – National Credit Union Administration (NCUA) Vice Chairman Rodney Hood recently made his first visit to a state regulatory agency when he visited the Kentucky Office of Financial Institutions (OFI). He met with Cordell Lawrence, Executive Director and Mr. Keith Tally, Sr. Deputy Executive Director, to discuss issues common to state and federally chartered credit unions including taxation, fields of membership, and data collection.

“I was pleased to have the opportunity to visit the Kentucky Office of Financial Institutions,” said Vice Chairman Hood. “They truly understand and appreciate the importance of a healthy partnership between federal and state government. We enjoyed a very productive discussion which highlighted our shared interest in issues that affect credit unions.”

After his trip to Kentucky, Vice Chairman Hood visited with state regulatory agencies in Kansas and Colorado. While in Kansas, Vice Chairman Hood visited with John P. Smith, the newly appointed Administrator of the Kansas Department of Credit Unions (KDCU), to discuss ways the federal government can work together to serve credit union members in the state. “I commend the KDCU for assuring the safe and sound operation of state-chartered credit unions,” said Vice Chairman Hood.  “I was very pleased to have the opportunity to meet with Administrator Smith within the first month of his tenure. He was able to offer valuable insights due to his previous experience as the regulator in Missouri and his previous service as the Kansas Administrator.” 

In Colorado, Vice Chairman Hood met with Chris Myklebust, the Commissioner of the Colorado Department of Financial Services, the state agency which examines and supervises state-chartered credit unions. “I thank Commissioner Myklebust for meeting with me,” said Vice Chairman Hood. “We shared our ideas on how the Federal government can partner with State agencies to promote economic growth in Colorado through the services provided by their credit unions.” 

“After visiting with these fellow regulators, I am very confident that credit unions can benefit from an enhanced relationship between their state and federal regulators working together and sharing best-practices in order to better serve their members and sustain America's vibrant credit union system,” stated Vice Chairman Hood.

The National Credit Union Administration, governed by a three-member board, is the independent federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund (NCUSIF), insuring the savings of 82 million account holders in all federal credit unions and many state-chartered credit unions