NCUA’s Hood Reveals Refund and Reflects on Accomplishments
NCUA Board Member Rodney Hood spoke at the MD|DC Credit Union’s annual advocacy lunch Tuesday.
Hosted in conjunction with CUNA GAC, 50 area credit union professionals attended. Hood revealed that the NCUA will soon be announcing a refund of about $281 million to 2,900 credit unions from the Share Insurance Fund. He said notices will be coming out next month.
Hood also reflected on the work the agency has done on CUSOs, loan participation rules, and support for Minority Depository Institutions as well as progress made on inclusion efforts with the establishment of the ACCESS Initiative and the annaul Diversity, Equity, and Inclusion Summit which is now in its fourth year.
Hood shared his regulatory philosphy, “We need a regulatory system that is effective without being excessive, and I believe the purpose of regulation is not to hinder credit unions — the purpose is to empower credit unions so your institutions can provide the highest level of service to your members and your communities.”
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