NCUA Vice Chairman States Credit Unions Are Positioned to be at the Forefront
of Today’s Growing Economy
May 31, 2006, Alexandria, VA – National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood said today that America's credit unions, serving over 85 million members, are positioned to be the catalyst for empowering more Americans to achieve the American Dream and continue the "tremendous economic growth the nation has realized in years".
"President Bush's pro-growth economic policies of cutting taxes and letting Americans keep more of their hard earned money means there will be greater access to capital for emerging entrepreneurs and investing opportunities for families in all communities and of walks of life," said Vice Chairman Hood.
Vice Chairman Hood commended the President for his leadership on the economy citing the role credit unions play in capital for small businesses and mortgage lending. He noted the Gross Domestic Product (GDP) grew by 4.8% in the first quarter and that 138,000 jobs were created in April.
America's credit unions continue to realize growth in real estate and construction lending with first and second mortgages and home equity loans collectively increased nearly 5 percent in the first quarter of 2006. Additionally, assets and share of credit unions continue to increase, representing federally insured credit union assets of $700 billion.
"Credit unions are in the business of providing access to credit and capital, and have maintained effective risk management of their portfolios," said Vice Chairman Hood. "We look forward to continuing to build upon this success. At NCUA, we should be an agent of access to facilitate flexible investment tools for credit unions, to effectively enhance risk management through innovative initiatives to mitigate risks."
"Whether it is homeownership, assisting a fledging small business ascend to the next level, or helping families save for the future, credit unions can play an integral role in today's economy which is on the fast track across America," said Vice Chairman Hood. "I commend the nation's credit unions for their leadership and ingenuity in making a difference in the lives of their members, families, and communities across America.
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