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NCUA Vice Chairman Hood Praises Credit Unions for Role in Strengthening Economy and Promoting Homeownership

June 8, 2006, Alexandria, VA – National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood delivered remarks at the 32nd Annual meeting of The National Federation of Community Development Credit Unions (NFCDCU) in Durham, NC. The Vice Chairman highlighted the important role credit unions have in economic development and homeownership while encouraging participants to continue reaching out to the underserved. He also emphasized the importance of preparing for hurricane season by promoting The Department of Treasury’s GoDirect campaign.

Vice Chairman Hood was joined by several other government officials, including fellow Board Member Gigi Hyland, United States Senator Elizabeth Dole, United States Treasurer Anna Escobedo Cabral, and Anna Marias Farias from HUD. Vice Chairman Hood will meet with Senator Dole today before she addresses the Conference. The theme for this year’s conference, ‘Honoring Our Heritage, Focused on the Future,’ was aimed at celebrating the original ideals of the credit union industry.
“From the very beginning, America’s small and community development credit unions have been embracing the cause of economic development and homeownership by serving low-income, urban, and rural communities,” said Vice Chairman Hood.  “The Federation is helping strengthen these credit unions so they can help their members achieve the American dream.”

Vice Chairman Hood discussed President Bush’s proclamation of June as National Homeownership Month and praised credit unions for their contribution in helping Americans achieve the dream of homeownership. “Today, because of President Bush’s leadership, homeownership is at an all time high across America. I strongly believe that America’s credit unions are on the forefront of this success,” said Vice Chairman Hood. “I commend small credit unions for the great work they are doing and the innovative lending products they are offering to make homeownership a reality to people of modest means.”

Vice Chairman Hood also discussed the need to prepare for hurricane season and encouraged credit unions to promote the Treasury Department’s GoDirect campaign. “Hurricane season is already upon us and we need to apply the lessons learned from last year to protect the financial well being of all credit union members,” said Vice Chairman Hood.  “Treasury’s GoDirect campaign is an effective way for members to have their federal benefits deposited directly into their accounts so they may receive their payments promptly, even in the event of a hurricane. I encourage all credit unions to promote this important service to their members.”

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 many state-chartered credit unions. NCUA operations are funded by credit unions, not tax dollars.