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Vice Chairman Hood Highlights Board Development and Succession Planning During Conference in California

May 23, 2006, Alexandria, VA- National Credit Union Administration (NCUA) Vice Chairman Rodney Hood recently served as a featured speaker for the National Association of Federal Credit Union’s (NAFCU) 25th Annual Volunteer Conference in Los Angeles, California. Vice Chairman Hood commended the dedicated service of credit union volunteers and discussed the importance of board development and succession planning to ensure continuity of leadership within credit unions.

“It is truly an honor to address those attending NAFCU’s Volunteer Conference,” said Vice Chairman Hood. “Volunteers generously give their time, energy, and expertise to serve an important cause, often times at a significant sacrifice. Credit unions embody the spirit of volunteerism and it is symbolized in those who voluntarily provide leadership to their boards. “

In addition to commending credit union board volunteers for their service during his speech, Vice Chairman Hood also emphasized the importance of succession planning in credit union board leadership, and the development of core competencies essential to developing trends in the credit union industry.  “The safety and soundness of credit unions greatly depends upon maintaining healthy continuity of leadership on their volunteer boards, “said Vice Chairman Hood.  “I encourage all credit union board officers to make the development of future volunteer leadership a key priority of their service.”

After the NAFCU Conference, Vice Chairman Hood met with Elizabeth Dooley, Deputy Commissioner, Credit Union Division, California Department of Financial Institutions. “I enjoyed meeting with Elizabeth Dooley,” said Vice Chairman Hood. “She illustrated how California credit unions are doing an excellent job providing their members with business lending services, and I encourage credit unions across America to observe their example and emphasize these services as well. She and I share a common enthusiasm for credit unions, and I look forward to strengthening NCUA’s relationship with state regulators in California and across the Nation.”

Vice Chairman Hood then traveled to San Diego to meet with several credit unions in the area on Monday, including California Coast Credit Union of San Diego. Vice Chairman Hood also addressed WesCorp’s Annual Meeting.

The National Credit Union Administration 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 nearly 85 million account holders in all federal credit unions and majority of state-chartered credit unions. NCUA is funded by credit unions, not tax dollars.